Posted To: MBS Commentary
After the March 18th FOMC Announcement, bond markets rallied. 10yr yields went from 2.05 to 1.90 on that Wednesday. The following day, they sold off to an intraday high of 1.99. Since then, 1.99 has been the most frequently-visited ceiling now that yesterday and Wednesday have both been added to the ranks. The technical ground-holding after Wednesday’s rout helps build a sense of a narrow range persisting through to the Fed Announcement next week. Even if it doesn’t, the sideways range has persisted for more than a month already, and April still has the distinction of being one of the 3 flattest months of the past decade. With threats to the range in mind, we’ve seen and increased willingness on the part of bond markets to respond to economic data. Today brings the week’s most…(read more)
Via:: MBS Day Ahead: In The Range, Counting The Days Until FOMC
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