Posted To: MBS Commentary

Bonds have been able to put in a few days with moderate movement both higher and lower in yield, but have generally been holding inside a range that is even narrower than the one seen during December. December's range, in turn, was narrower than November's, and so on and so on, all the way back to August 2019. Narrowness is one thing, but it's currently being compounded by a lack movement. In other words, while November was narrower than October in terms of the distance between highs and lows, it at least occurred at slightly different trading levels. Dec and Jan, on the other hand, have each occurred INSIDE November's range. This isn't a very common occurrence for the bond market, and when it happens, it's only a matter of time before more interesting movement starts…(read more)

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Source: Mortgage News Daily