Posted To: MBS Commentary
For MBS, today was substantially similar to Friday, with a narrow but positive trading range and little fanfare surrounding any headline event. That’s consistent with the expectation for the first two days of the week, which we’ve discussed in today’s previous commentaries. Long story short: month/quarter end create an environment where compulsory tradeflows are just as much of a market mover as anything. This wouldn’t necessarily be the case if heavier-hitting data was coming out today and tomorrow, but as it stands, there’s nothing on the calendar that couldn’t be overcome by determined tradeflow momentum. As far as that momentum is concerned, the bigger picture looked mostly sideways today. Specifically, Treasuries were definitely sideways and determined to stay that…(read more)
Via:: MBS RECAP: Another Quiet Session With a Narrow Range and Decent Gains
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