MBS RECAP: What’s Up With MBS Underperformance Today?
What’s Up With MBS Underperformance Today?
As long as we’re not dealing with big, obvious, unique market realities (i.e. financial crisis, QE3, Covid and the aftermath), MBS do a pretty great job of moving the same direction as US Treasuries and by roughly the same amount. Today was not one of those days, at least if we’re looking for 10yr yields to set the tone. Our first clue is seen in the 5yr sector, where Treasuries are negative on the day. In…
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