Posted To: MBS Commentary
Ask me two months (or even a month ago) and I would have placed today above almost any other in terms of importance to the overall outlook. The reason has to do with the lower pane of today's chart. The biggest negative market mover of the summer for bonds was a series of comments from European Central Bank (ECB) President Mario Draghi that alluded to tapering its Asset Purchase Program (APP). German Bunds (Europe's 10yr benchmark rate) spiked and led US Treasuries higher. Draghi and the ECB subsequently backpedaled . At the next policy meeting, Draghi disavowed any discussion of tapering and said it would likely come up the September meeting. Today is the conclusion of that meeting. As the chart shows, ECB bond buying has been a big deal for US bond markets. You might even say the...(read more)Forward this article via email: Send a copy of this story to someone you know that may want to read it.
from Mortgage News Daily http://ift.tt/2vOCr66
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