Wednesday , 13 January 2021

MBS MID-DAY: Volatile Day for Markets; Who’s Responsible for This?

By Matthew Graham

Posted To: MBS Commentary

To be clear, bond markets are still in strongly positive territory this morning, though they’re off their best levels seen just after 7am. Volatility in global financial markets is elevated and some unique things are happening. This has resulted in a fair amount of dogpiling on to seemingly easy explanations. The price of oil and the status of Russia’s currency–the Ruble–seem to be today’s hot topics. In actuality, the oil story is quite old at this point, and it’s doing more to follow other markets than to move them. The Ruble story is up for debate today. It clearly matters, but it’s maybe HALF as important as big media has made it out to be. Yesterday, sure. Today, not so much. Today’s big story is Europe (though admittedly, Eurodollar trading is compounded by craziness…(read more)

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