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MBS RECAP: MBS Defy Odds as Bond Bulls Fail For 3rd Straight Day

October 15, 2020
by admin

After failing back to back attempts to retake the recent sub-.72 range, 10yr yields didn’t even try today. Part of the problem was a stronger Retail Sales report this morning, which had a surprisingly clear impact on the market–at least for an hour. Bonds returned to the doorstep of the previous range, bounced momentarily at 0.7207% and promptly spent the rest of the day sideways at .74+. Fortunately, MBS defied the odds and outperformed, but not for the right reasons. Bonds are still waiting to see where the chips fall between the election, stimulus, and of course the path of the pandemic both at home and abroad.

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