MBS Morning: With 1 Day Left, Pre-Fed Range Remains Intact
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Trading ranges and consolidation patterns can make for tedious discussion when they’re well-behaved for weeks on end. We began discussing the current example in mid-August when the 1.38% ceiling was first rejected. The following week suggested it was less of a “range” and more of a consolidation pattern–a theme that dominated the analysis ever since. Despite a valiant attempt after last week’s CPI data and yesterday’s snowball risk-off rally (thanks Evergrande?), today begins with yields safely inside the same old range. Barring another unexpected…
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