MBS RECAP: Unraveling the Complex Mysteries Behind Today’s Market Movement

By Matthew Graham

Posted To: MBS Commentary

Bond markets sold off today because they rallied so hard earlier this week. That is all*. I mean, we could sit here and attempt to assign significance to every little market-moving possibility as if it mattered, but as far as today is concerned, that’s more than the movement deserves. That seemingly oversimplified cop-out sentence at the top is what’s really going on. On big selling days like this, it’s always good perspective to step back and look at the long term trend. If we find ourselves in the midst of an aggressive rally, days like today mean so much less than they otherwise would–ESPECIALLY if they follow days like yesterday where a wholly unexpected tape bomb fuels a wholly unexpected extension of a flight-to-safety that looked like it had run its course by Wednesday morning…(read more)

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