MBS MID-DAY: Bond Markets Romp to Best Levels Amid Risk-Off Trade

Despite a much stronger-than-expected Philly Fed report, bond markets didn’t lose much ground after 10am. Earlier in the morning, weaker Housing Starts data helped strengthen an overnight rally. The original strength is thought to be a factor of increasing geopolitical tensions between Russia and Ukraine. That said, history suggests remaining skeptical of market movers that seem to be exclusively responsible for a surprise move.

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