MBS RECAP: Bonds Lose Ground on Various Headlines

By Matthew Graham

Posted To: MBS Commentary

Bond markets lost ground today, with all of the weakness arriving during the overnight session. The weakness was driven by a general “risk-on” move in financial markets, which tends to favor stocks at the expense of bonds. In today’s case, that was most easily attributable to headlines over the weekend regarding nuclear tension between the US and North Korea. While far from definitive, the headlines made any drastic actions seem less imminent without characterizing the threat as any less serious. Once US trading hours were underway, bonds were little-changed at first . Shortly after the NYSE Open (which can affect bonds due to ETF trading, among other things) bonds began to improve, albeit only moderately. Comments from NY Fed President Dudley put an end to the positive drift…(read more)

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