Posted To: MBS CommentaryMBS Live : MBS Afternoon Market Summary Wax-on: solid gains throughout the day on Monday. Wax-off: gains mostly erased in Europe overnight on Tuesday. Wednesday, then, is "wax-on, risk-off" as bond markets hit the domestic session near their highs ("risk-off" connotes bond market demand at the expense of equities weakness). The memo to take that wax back off went out too early as bond markets gave up ground into the afternoon, but European headlines were there to reinvigorate enough of a risk-off bid for Treasuries and MBS that we made it back to morning levels. Confused? Basically, the past two days have been good, then bad. Today was good, then bad, then good again, and looks to be heading out while still remaining good. Were reduced to conversing about the market in such a manner when nothing...(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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