Posted To: MBS Commentary
There’s another day to go before NFP, but today is no slouch . Not only are trading levels currently evaluating a bounce at a long term inflection point, but most of the free world’s financial markets will be fully closed today (thus potentially increasing participation today). The important levels go all the way back to 2011 when they served as the lower bound for 10yr yields, for the most part, when Europe began flaring up in earnest. Then in 2012 they served as clear support for the low rate golden era before finally being broken in early 2013. As yields have reapproached this inflection zone, it’s clear that there’s still a lot of technical significance there. In fact, it was precisely on the upper end of the zone that yields chose to bounce on the crazy October 15th rally…(read more)
Via:: MBS Day Ahead: Rates Once Again Knock on Golden Era Door
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