MBS MID-DAY: Why are Bond Markets Getting Destroyed Today?!

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Posted To: MBS Commentary

This morning's commentary said " things get serious ," and that we could well expect to depart the recent range in a big way . Now, we are. 10yr yields are already up to 2.373--a new high for 2015, and mortgage rates are well into 2015 highs with Fannie 3.0s down a full point today. The week's first big ticket event delivered the drama as Draghi did what everyone hoped he wouldn't do. Speculation mounted earlier this year that the ECB might amend their bond buying timeline. Just a few short weeks ago, he reaffirmed the September 2016 deadline. Now in today's press conference, he said that the ECB could end purchases sooner if conditions allowed. My goodness... they just don't know how to overpromise and overdeliver across the pond! If the Fed pulled this crap ...(read more)

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Source: http://www.mortgagenewsdaily.com/mortgage_rates/blog/477043.aspx

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