MBS RECAP: Strong Start Thanks to Europe, Gradual Losses Leave Modest Gains Intact

Eurozone contagion made an appearance today in much the same way it did for nearly all of 2010-2012. This time around, it’s Portugal’s Banco Espirito Santo causing problems for Portugal’s sovereign borrowing costs. This in turn drove flights-to-safety in more stable EU countries. The posterchild for such countries is Germany, and as goes Germany’s bond market overnight, so goes the US Treasury market, mos

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