Deceptively Sideways After an Important Fed Day
Deceptively Sideways After an Important Fed Day
Abstract
The long end of the curve rallied on Fed credibility (i.e. higher and higher rates eventually hurt the economy and bring inflation down). MBS were stuck somewhere in between but managed to scrape together a token improvement, albeit one that is meaningless beyond the scope of the past 2 days. Bonds choppy and sideways in Asia, then quickly (but modestly) stronger at the EU open. MBS up an eighth at 97-15 (97.47.47) .
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