MBS Day Ahead: Light News Day as Markets Level-Off

Posted To: MBS Commentary

There are no significant economic reports or scheduled events on the calendar today, unless you count the 3yr Treasury auction at 1pm (and you probably shouldn't). That leaves bonds in the same positions as stocks and European markets. All have been moving in a "risk-on" direction (higher stocks and bond yields) since late March when the post-Fed volatility led to variable performances from the 20th-27th. I won't use the word "asymptotically" again due to several threats I received last time I used it, but I will say that both sides of the market look like they're leveling off after trending higher in early April. Why now? Why here? An extremely broad theme at the beginning of 2019 has been that of a crossroads for global financial markets. The current economic...(read more)

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