MBS RECAP: Bond Markets Trying Very Hard to Look Like They're Not Trying

Posted To: MBS Commentary

This continues to be one of the most anomalous Thanksgiving weeks in the history of Thanksgiving weeks--at least as far as bond markets are concerned. As a percentage of the recent average, volumes have been higher than they've been since 2008, when bonds were in the midst of the great collapse in yields at the apex of the financial crisis. But for all that volume, there's just not very much actual MOVEMENT in trading levels. Case in point: 10yr yields ended less than half a bp from yesterday's latest levels and MBS were only 1/32nd away from yesterday's close across the board. Today's major attempt at movement came in the form of the Turkey/Russia news. When headlines hit overnight that Turkey shot down a Russian warplane, stocks and bond yields sank and volume spiked....(read more)

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