Saturday , 16 January 2021

MBS RECAP: Active Day for Bond Markets; Happy Ending Despite Poor Auction

By Matthew Graham

Posted To: MBS Commentary

MBS and Treasuries both spent time trading on either side of unchanged today. The swings between the days highs and lows were bigger than normal , and the tenor of the day was never lopsided in favor of bulls or bears. Case in point, 10yr yields are heading out not even 1bp lower than yesterday’s latest levels and Fannie 3.0s are up only 3 ticks. The overnight session began with Japan returning to markets after a 3 day weekend. Asian accounts were better buyers of Treasuries which started things off on a positive note as far as MBS implications are concerned. The European session brought even more positivity as German Bunds and US Treasuries rallied together. 10yr yields hit a new 19 month low at 1.864. By the time domestic traders began firing on all cylinders, it was clear they wouldn’t…(read more)

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