MBS Day Ahead: Bonds Already Commuting for Thanksgiving?

By Matthew Graham

Posted To: MBS Commentary

Because November 1st was a Thursday, we’ll be treated to the earliest possible iteration of Thanksgiving. It’s next week, by the way! Why are we talking about such things with respect to financial markets? Simply put, the winter holidays definitely have an impact. The catch is that the these impacts vary, and their timing is uncertain with respect to Thanksgiving (as opposed to late December, when it’s always going to be the last 2 weeks of the month followed by the first week of January. What sort of patterns do we see shaping up? Oftentimes, it’s simply a consolidation. In other words, yields/prices are in the process of making higher lows and lower highs. Sometimes there’s a breakout well before the end of the year, but there are rarely breakouts in late November. The…(read more)

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