MBS MID-DAY: Bond Markets Little-Changed, Listening to Greece’s Prank Phone Calls

By Matthew Graham

Posted To: MBS Commentary

If I didn’t know any better (and I might not), I’d guess that someone from Greece is calling up news organizations and pretending to be an EU official, claiming that the two sides are close to reaching a compromise deal. Whether it was a Greek prank phone call or a rascally, but real EU official, “compromise” headlines did indeed come out overnight, and they created some pressure for core bond markets. Reason being: the Eurogroup has a big fancy meeting regarding Greece tomorrow and anything conciliatory in favor of Greece that comes out of that meeting would decrease some of the global flight-to-safety demand that’s currently benefiting the biggest, safest bond markets like Germany and the US. Not long after those headlines, new headlines emerged that essentially said…(read more)

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