Saturday , 21 October 2017

MBS RECAP: Bonds Starting to Gather Momentum Again

By Matthew Graham

Posted To: MBS Commentary

Bond markets are matching their best 3-day performance in over a month with today’s stronger closing levels. Unlike the previous examples, the current 3 days have resulted in the biggest move lower in yields from the previous day’s highs. Pretty confusing sentence… let me explain. Friday’s high yields were just over 2.40% in 10yr Treasuries and today closed at 2.32%–an 8bp improvement. The previous corrections were good for a 7bp and 1.5bp improvement using the same measurement rules. The frustrating thing is that we have no idea whether or not to be excited about that until we see tomorrow morning’s CPI data. It has been and continues to be this week’s data highlight. As for today, the PPI data did a small amount of damage in the morning as the “core” indices…(read more)

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