MBS RECAP: Early Close Couldn’t Come Early Enough

By Matthew Graham

Posted To: MBS Commentary

Bond markets closed early today (2pm ET) in observance of tomorrow’s Independence Day holiday (and will be fully closed tomorrow). Fans of low rates would have preferred a full closure today as well. Although bond markets began the day with a decent rally into modestly positive territory, trading screens turned red after the ISM Manufacturing data (strongest since 2014) and never looked back. In fact, the reaction to the data was fairly big–bigger than it probably would have been on a non-holiday week. The half-day today and the full closure tomorrow (both in the heart of summertime) combine to pull more than a few market participants away from the desk–either early or altogether. The low-liquidity environment means it takes fewer dollars traded in order to move markets. In other words…(read more)

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