MBS RECAP: Back From Break, But Still Waiting For Breakout

Posted To: MBS Commentary

The bond market theme heading into the Thanksgiving break was "waiting for a breakout." The bond market theme heading out of Thanksgiving break is still "waiting for a breakout." In other words, not much has changed, except for the relative deluge of volume and participation underlying today's super narrow range. That much is to-be-expected the first day back from what is essentially a 4-day weekend. Even then, it wasn't an incredibly active session by normal standards. Bonds traded in fits and starts, with most of the volatility (again, this is occurring inside a narrow range) following the NYSE opening bell. New Home Sales data was stronger than expected, but not a huge or long-lasting market mover. Early strength turned into weakness between 9:40 and 10:30am ET...(read more)

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