Posted To: MBS Commentary

Any time there's at least a moderate amount of movement in the overnight session, a consensus typically emerges as to the key driver of said movement. This involves a majority of journalists and analysts simply regurgitating the opinions of the earliest coverage in many cases, or simply forcing a connection between the top news headlines and the market. That all works out just fine when the early coverage nails it, but in cases like today, it leaves people like raising an eyebrow. If we want to jump on the bandwagon, we could simply say that market optimism over the fast-tracking of Pfizer's covid vaccine in both the UK and US has traders favoring stocks and shunning bonds. That would be quite miraculous considering the news in question was out yesterday yet no one in Asia or Europe…(read more)

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Source: Mortgage News Daily