MBS RECAP: Bonds Staging For a Range Breakout
Posted To: MBS CommentaryBonds weakened today, even if only slightly. It was enough to bring 10yr yields right up to the closest and arguably most significant overhead technical level at 2.07%. If we consider that ceiling to be a small zone between 2.06 and 2.07, it came into play multiple times today including an after hours run just after the 3pm CME close. All of the above adds up to a bond market that’s staging for a potential breakout. The most obvious conclusion is that tomorrow’s Powell testimony is the yay/nay vote on the bond market breakout. But it’s so obvious that we can easily assume anyone else with the capacity to trade bonds is well aware of it. Thus, the near-term landscape is already part of current trading levels. Bottom line: there’s no telling what sort of Powell comments are priced…(read more)Forward this article via email: Send a copy of this story to someone you know that may want to read it.
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