Posted To: MBS Commentary
Good Morning. I hope everyone had a safe and sound Labor Day weekend. I for one feel re-energized following a three day stay in State College, PA (PSU). The weather was perfect, we blew out Youngstown State, and I escaped the bike trails unscathed. Mission accomplished! Welcome back to reality… The bond market ended last week in a panic after a better than expected Employment Situation Report added enthusiasm to a two-day S&P rally. With the econ calendar essentially empty and Treasury (and Corporate) debt supply on the chopping block in the week ahead, the stage was set for stocks to extend optimism and push rates higher . That isn’t happening today… Instead, short covering combined with a modest “flight to safety” bid in a thinly traded marketplace has helped the long end of the yield…(read more)
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Original post by Adam Quinones
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