MBS MORNING: Bonds Continue To Shrug Off GDP News
Posted To:MBS Commentary
AQ couldn't have said it any better earlier this AM. Indeed, when 5.7% growth hit the screens, our first instinct was to assume, “ok, well, that is not the REAL and representative measure of growth, so where's the discrepancy and what internals of the report support that?” AQ covered those internals well in MBS OPEN, but the question remained, would the markets see it as bearishly as we do? Would the headline of 5.7% drive the trade or were the markets going to take just as long a look at the internals? Hats off to the market's logical response… Not only has the range held up, but is currently in even better shape than most of yesterday.. Though it's a two-edge sword, the good outweighs the bad here. THE GOOD: Bonds get to keep their seat at the big boy table despite…(read more)
This mortgage update is brought to you by: Matthew Graham – You can read the full article at MBS MORNING: Bonds Continue To Shrug Off GDP News
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