Posted To: MBS Commentary
Abandon Hope, All Ye Who Float Overnight We’re putting in for permits to build our own Pirates of the Caribbean ride at MBS Live world headquarters. There will be more waterfalls, and they’ll be sharper. We’re mapping the slope based on bond prices, after all. We’ll even keep with some familiar elements such as the “abandon hope” sign. That was certainly the bond market’s message to floaters today. See the Day Ahead commentary for more thoughts on the move and the Lock/Float section for specific thoughts on strategy. Econ Data / Events Fed MBS Buying 10am, 1130am, 1pm Philly Fed 51.8 vs 23.0, 23.1 Prev Jobless Claims 770k vs 700k f’cast, 725k prev Market Movement Recap 08:36 AM Bonds crushed overnight in massive volume. 10yr yields up to 1.754 at highs, 1.74…(read more)
