Posted To: MBS Commentary
Super narrow consolidation patterns in bonds are always super boring until they're not. It looked like things may have been getting exciting as early as Wednesday of last week, but then Thursday brought a fairly convincingly rally that reinforced the 2.89% ceiling. Rather than go into the weekend with a typically inconsequential trading day, Friday complicated the matter further by bringing yields right back to the ceiling. With that, it fell to today to render a verdict. As you've likely already guessed, the verdict was unpleasant for fans of low rates. Bonds spent the entire domestic session churning toward higher yields, ultimately surpassing 2.95%, which was the next technical ceiling on our list. So what's up with all of this sudden weakness? First of all, sudden weakness doesn't...(read more) Forward this article via email: Send a copy of this story to someone you know that may want to read it.
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