Posted To: MBS Commentary
10yr yields were as low as 1.567 early Fannie 3.0s were as high as 103-04 Both were driven by Europe (sub-zero German 10yr) and both rebounded when Europe rebounded US bonds ended up relatively unchanged ahead of Fed Sooooo much Brexit horse-trading I wrote down some thoughts on Brexit , because it’s complex and confusing. I don’t know everything–let alone everything about Brexit, but if it helps you get farther down the proverbial road, here you go . Bottom line, markets are all geeked out over something that probably isn’t as big of a deal as trading levels/volumes would suggest–at least not in the short term. Sure, Brexit could end up paving the way for the disintegration of the EU, but we wouldn’t know that for years. The worst part of any immediate effects is whatever…(read more )