Thursday , 21 January 2021

MBS MID-DAY: Bonds Holding Ground in Slightly Weaker Territory

By Matthew Graham

Posted To: MBS Commentary

Domestic economic data, as expected, was passed over in favor of more meaningful forces. At the moment, those forces include Eurozone economic conditions and the broad-based flight to safety that helped bond markets and hurt risk assets yesterday. That flight-to-safety has generally taken a step back today after an important Eurozone inflation report showed core inflation was slightly higher than expected. This outweighed the drop into negative territory in headline inflation. All that having been said, German 10yr yields still closed below 0.50–territory they only entered for the first time this week. All told, the selling pressure has been far more modest than history would suggest. In the past when bond markets have rallied for 7 days in a row culminating in a big move to long-term lows…(read more)

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