Posted To: MBS Commentary
I haven’t seen many days with as many different relevant considerations for bond markets, but if you don’t really care about the details, the only important thing to know is that we held steady and even saw solid gains by the end of it. The complications and confusion began with ECB President Draghi’s press conference. Roughly half the market expects some tangible new action on sovereign debt purchases. Half of that half was quite sure that wouldn’t come until 2015, with everyone else simply not believing that the ECB can pull off actual sovereign debt purchases. Listening to Draghi this morning, all 3 of these camps had several opportunities to stand up and cheer. By the end of is though, there was no money printing announced today and tell-tale Italian yields and Eurodollars…(read more)
Via:: MBS RECAP: Confused, Complicated, but Comforting Trading in Bond Markets
