MBS Day Ahead: Bond Markets On the Lookout for Early Year-End Trend

By Matthew Graham

Posted To: MBS Commentary

Late in November, I suggested that the first week of December would give us the information needed to identify the trend that would carry us into the end of 2014 . The interesting thing about the first day of trading following that week was that it was positive for bond markets despite the big NFP beat. That was such a strong showing (and perhaps a bit surprising) that we had to pinch ourselves yesterday to make sure it was real. Yep… still rallying. After today, we’ll be right in that moment where we’re either going to wake up or realize that this amazing reality is, in fact, a reality. The only hitch is that the prose in this dream has all been in German so far. In other words, it could just be the ongoing rally in European bond markets aiding US bond market resilience. Who knows…(read more)

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