MBS Day Ahead: After Standing 8-Count, Will Bonds Come Out Swinging?

By Matthew Graham

Posted To: MBS Commentary

Domestic bond markets had been getting pummeled for exactly 3 weeks before getting a break on Tuesday. Then yesterday, they confirmed they’re not going to go down without a fight. The question now becomes ‘ how hard will they fight back? ‘ In order to answer this, we first have to understand what they’re fighting against. As I laid out yesterday, while Yellen and NFP have mattered greatly in the short term, the biggest factor in the bigger picture has been Europe. Specifically, US bond markets would be justifiably concerned about the possibility that Europe is putting in some sort of long-term bounce after German Bunds hit 0.30 at the end of January and after Greek debt hit its weakest levels since mid 2013 (when it was still on it’s way back from the brink of Eurozone exit…(read more)

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