MBS RECAP: After Decent Start, Bond Markets Succumb To Risk Rally

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Posted To: MBS Commentary

MBS Live : MBS Afternoon Market Summary It was a choppy day for mortgages as slightly lower-than-average volume in MBS and much-lower-than average volume in longer-dated Treasuries exacerbated a "risk-on" sell-off. Markets stayed relatively subdued yesterday and bond markets managed to hold onto a range from late last week. In part, this was due to ongoing violence in the Middle East as well as some level of uncertainty regarding the current round of Greek bailout condition can-kicking . Today brought headlines of a potential ceasefire in the Middle East as well as progress being made on Greece (proverbial "can" was well-kicked!), and both of these developments weighed on bond markets as morning data was generally disregarded. There was a glimmer of hope just after 1pm when Bernanke noted that...(read more)

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