Posted To: MBS Commentary
First thing's first, there's not much about a 10bp gain in 10yr yields and nearly a half a point of MBS weakness that would be considered "mini," but in the recent context, it only undoes about a quarter of the recent rally. Plus, we have history with the word "meltdown," so I figured I'd qualify it in this case. Things were bad from the outset this morning as Chinese manufacturing data started the overnight session off with solid "risk-on" momentum (stronger stocks and weaker bonds). European data didn't help even if it didn't hurt that much. Domestic data looked like a storm that could have been weathered at first. Following the Retail Sales report, bonds didn't break into any weaker territory than they'd seen overnight. After the...(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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