MBS Week Ahead: Decent Amount of Data, Tax Vote, and Holiday Closure

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Posted To: MBS Commentary

While it's not on some economic calendars yet, this Friday will be an "early close" for bond markets, meaning no trading after 2pm ET. Even then, very few human market participants remain in the office past lunch on such Fridays and more than a few will have taken their leave in the preceding days (if they haven't already). The skeleton crews who remain at trade desks this time of year tend to trade a bit differently compared to the full rosters from more active times of the year. Some of that "difference" is seen in the form of cautious consolidation, and there's certainly no shortage of that at the moment. This is the most sideways bonds have been for the entire year. While it's not uncommon to see yields themselves move in a sideways, consolidative range…(read more)

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