MBS RECAP: Further Gains Amid Another Uninspired Session

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Posted To: MBS Commentary

MBS Live : MBS Afternoon Market Summary If we must be " drifting " at the moment, there are certainly worse ways to go about it. The current drift has seen MBS trade tight ranges every day this week --much tighter than we'd expect, in fact, given the massive volatility at the end of last week. It's not that massive volatility wasn't to be expected if the Fed ended up announcing MBS-specific QE3 (which they did). It's just that we would have expected things to wind down in a bit more linear a fashion that the abrupt drop-off in volatility that we've seen. Today was the widest trading range of the week at 10 ticks, but even without an unprecedented Fed announcement targeted at MBS--even without anything very meaningful at all happening for mortgage markets, this would STILL be a narrow trading...(read more)

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