MBS RECAP: Well? Get On With It!

Posted To: MBS Commentary

“Well? Get on with it!” That about sums up what the average bond market watcher was thinking at the end of September–and possibly again after today’s trading session. At the end of September, a run toward higher yields resumed abruptly just after looking like it had calmed down. The tacit implication was that the last major highs (roughly 2.40-2.42% in terms of 10yr yields) would soon be challenged. Indeed, rates crested 2.40% just before the Columbus Day weekend. Actually, they hit the highs earlier in the day and then rallied back impressively in the afternoon. Now this week, they’ve avoided committing to either theme (the scary moves higher or the comforting moves lower). Yields have remained WELL-inside last week’s range, and today’s auction and Fed Minutes did…(read more)

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