Posted To: MBS Commentary
Brexit fallout continues. That’s really all we got Fortunately, that’s a huge positive for bond markets 10yr yields dropped more than 10bps Fannie 3.0s rose more the 3/8ths of a point Stocks got killed In terms of the ratio of market movement to the “new” news causing it, today is probably one of the least eventful days in history. Everything important happened on Friday (Brexit) and today is merely a reverberation of that thunder. Now, that’s not to say that market participants aren’t weighing some extremely heavy long-term eventualities. Indeed, they’re probably doing more of that right now than at most any other time in the past few years. The point is that we don’t have any new info, and nothing new has happened. In the current case, that’s good because…(read more )