MBS RECAP: 2015 Realities Continue to Frustrate Bond Markets

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Posted To: MBS Commentary

Welcome to the 1st half of 2015. This is the 6 month period where European interest rates defied even the most bullish expectations after Europe began the QE process. It resulted in German 10yr Bunds getting very close to 0% in April. Then the fear took hold. Lower rates and weaker Euros were the most popular trades during the QE roll-out. Once market participants feared those trades had run their course, the bounce back was swift. Bund yields went from .15 to .80 in just over a week. At the same time, the Fed had just removed the verbiage from their policy announcement that provided calendar clues for a rate hike. All of the above served as massive motivation for any corporations to issue debt immediately as corporate bond rates are tied to Treasury yields. By issuing sooner rather than later...(read more)

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Source: http://www.mortgagenewsdaily.com/mortgage_rates/blog/476581.aspx

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