MBS RECAP: Lots of Headlines, But Few Mattered

Posted To: MBS Commentary

It was an interesting day for bond markets, mainly because there was such an immense amount of news that SEEMED like it should matter. The deluge of headlines failed to produce any meaningful reaction. And we're talking about top-shelf market movers like Yellen's congressional testimony, Mario Draghi defending ECB policy to Germany, and a fairly big beat in this morning's Durable Goods data. Instead it was one silly little headline regarding an OPEC agreement to control production. Really?! Yes... I wouldn't have believed it if I didn't see it for myself. In fact, I looked for other explanations, but there really aren't any great ones. Sure, it came at a time of day well-known for increased bond market volatility and opportunistic trading, and it hit at the same time...(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/2dm073X