Posted To: MBS Commentary
Perhaps the headlines did too good of a job of selling Friday’s Greek news as something more definitive than it was. After all, most headlines were some iteration of “Greece reaches agreement to extend bailout.” In actuality , Greece reached an agreement to work on a list of reforms over the weekend that could then be submitted to the Eurogroup on Monday for a preliminary approval over the phone before being voted on in each of the 19 Eurozone countries’ respective governments before Greece’s bailout terms would be temporarily extended. As markets realized just how true that was during the European session, bonds began to get back some of what they lost on Friday. The move ultimately hit some trip-wires in terms of trading positions, resulting in a mini-snowball that came…(read more)
Via:: MBS RECAP: Treasuries Outperform as Greek Limbo Continues; Yellen Tomorrow
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