MBS RECAP: After 5 Frantic Days, Bonds Punch Out Early

Posted To: MBS Commentary

Last Friday's jobs report meant business (bad business for low rates). Even though Powell ultimately told us that one jobs report wouldn't fundamentally alter the risks to the economic outlook in Wednesday's congressional testimony, that wasn't enough to get bonds out of the office. Wednesday was their least productive day of the week in terms of selling, but it was right back to business and then some on Thursday. All told, 10yr yields moved up from 1.94 lows last Friday to 2.15 highs yesterday. That was already enough to make this the worst week for rates since at least April, and that is based on Friday's CLOSING levels. If we look at Thursday vs Thursday time frames, we'd have to go back farther. Today's session was in perfect position to dog-pile on the selling…(read more)

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MBS RECAP: After 5 Frantic Days, Bonds Punch Out Early
MBS RECAP: After 5 Frantic Days, Bonds Punch Out Early

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