Posted To: MBS Commentary

We've seen a whole lot more movement in the bond market for a whole lot less motivation than we had this week. Back to back econ data shockers (Philly Fed and Housing Starts) were scarcely able to get yields back up to Monday morning's highs, and yields hadn't fallen very much to begin with. In other words: "Housing Starts Surge 40% Annually to The Highest in 13 Years" isn't really a headline that jives with 10yr yields rising less than 2bps by the close of business. Oh, and stocks hit all time highs on 4 out of the 5 days. Oh, and the phase 1 trade deal signing went off without a hitch. All that to say that bonds were more than entitled to end up somewhere other than smack dab in the middle of the consolidation range that's been in effect for close to half a year…(read more)

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Source: Mortgage News Daily