MBS Day Ahead: Built Up To Be Let Down?

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Posted To: MBS Commentary

Yesterday was great! While we could poke holes in motivation for such a big rally by pointing out that it began from the weakest levels in 8 months, among other things, it was still the biggest and best move we've seen since March 18th. To be sure, we will poke some holes, but let's focus on another positive or two, for a moment. The rally completely defied the economic data. Retail Sales and Import/Export data both suggested bond market weakness. Yet we saw only a brief feint higher in yields before improving convincingly. There was an utter absence of any tense moments from there on out. This is VERY out of character for bond markets recently. Even during the moments where we're not taking our lumps, there have still been questionable moments that have increased reprice risk....(read more)

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Source: http://www.mortgagenewsdaily.com/mortgage_rates/blog/479370.aspx

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