Posted To: MBS Commentary
In yesterday's recap, I mentioned that we were likely to see a token bounce on one of the next 3 days, but that it didn't necessarily guarantee further gains. Today brought said bounce. As discussed in the Day Ahead , there are solid historical examples of such bounces turning out to be one or two day affairs that give way to additional upward pressure in rates. I don't share those facts to assert that such a thing WILL happen this time--merely that it CAN happen any time we see a nice green day punctuating a sea of red. Today's rally was somewhat underwhelming to boot. European bonds rallied better than US bonds and the latter was completely unwilling to chase the former's 2nd wind around 10am. In other words, Treasury yields looked like they were reluctantly pulled lower...(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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