Posted To: MBS Commentary
Sideways Victory For Bonds and Rates We've been tracking both a sideways trend and an uptrend in bond yields for more than 2 months now. The uptrend has been winning (and SHOULD win), but bonds were strong enough today to make a case for a return to the sideways range. With rates near all-time lows, "sideways" is a victory. Econ Data / Events 11:30-11:50 AM (ET) – Fed 30yr UMBS Buying Philly Fed Biz Survey: +27.5 vs -23.0 f'cast , -43.1 prev Jobless Claims: 1.508m vs 1.3m f'cast , 1.566m prev Market Movement Recap 08:48 AM Bonds were stronger out of the gate overnight as stocks slumped. Correlation remains extremely high between the two. After a rebound toward higher yields and stock prices, markets reversed course again just before 5am, moving lower into the domestic…(read more)
Source: Mortgage News Daily
