Posted To: MBS Commentary
If bonds happened to move higher in yield by more than they did today, we'd be talking about how the announcement of a US/China tariff extension put upward pressure on rates. As it stands, we can still witness just a bit of that upward pressure, but not enough to consider this anything other than an extension of the same old sideways range that has endured for essentially the entire year so far. Tariff news caused modest pressure in the overnight session but 10yr yields weren't interested in breaking above 2.69%. That continued to be the case even as stocks pushed up to the highest levels since December 3rd by 11am. 2 hours later, the decent 5yr Treasury auction helped bonds move down from the intraday ceiling to end the day at 2.67%. Fannie 3.5 MBS lost 3/32nds (0.09) on the day. Both...(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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