Posted To: MBS Commentary

Defensive Shift Ahead of ECB Announcement Coming into the week, there was some speculation that Monday’s bond rally was based on expectations for a friendly announcement from the European Central Bank (ECB) on Thursday morning, but it probably makes more sense to ascribe the move to other variables (new covid concerns, trading positions, momentum/technicals). That also makes it possible to view today’s weakness as some sort of “pre-ECB positioning,” but that’s also probably not ideal. In other words, we have a defensive shift ahead of the ECB announcement, but not necessarily because of it. Econ Data / Events Fed MBS Buying 10am, 1130am, 1pm Market Movement Recap 09:34 AM Slightly weaker overnight with some push back between 5am and 9am. Sellers seized those higher prices…(read more)

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Published On: July 21, 2021 / Categories: Mortgage News /

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