MBS MID-DAY: Rally Finds its Limits For Now; Losses Could be Worse Though

By Matthew Graham

Posted To: MBS Commentary

Bond markets had an uneventful overnight session for the most part. Heading into the 7am hour, yields improved to their lowest levels of the morning before finally finding their limit. I’m talking–of course–about European bond yields, which hit another new all-time low before bouncing higher and dragging Treasuries along for the ride . Actually, European stocks swooped to a new December low and bounced at the same time. Essentially, this was the point at which the global flight-to-safety ran out of steam for today. It had begun to do the same thing yesterday, but stock market weakness helped bonds overcome their urge to bounce. The opposite is true today, and truer still when it comes to domestic stock markets, which have erased most of yesterday’s losses. By most accounts, this is…(read more)

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