Posted To: MBS Commentary
Bonds rode overnight momentum to best levels in 3+ years Stock selling is definitely part of the equation Brexit drama now involves murder, which may have moved markets Either way, rates and stocks had enough of “moving lower” Bonds sold off, but easily maintained 3-year low closing levels There’s intraday and then there’s “closing levels”–the official mark that will forever represent today’s bond trading on long term charts. Intraday, 10yr yields were as low as 1.518. Moving up from there to 1.58-ish has no doubt been unpleasant, but the unpleasantness is still an “intraday” phenomenon . Day-over-day, bonds were unchanged, and today’s 3pm closing yields were noticeably stronger than yesterday’s closing yields (roughly 3bps lower!). The moral…(read more )