Posted To: MBS CommentaryBonds on Cruise Control Unless Senate Approves Stimulus Upgrade Barring an unexpected vote (and passage) of the $2k stimulus upgrade, bonds are on cruise control heading into the end of the day/week/year. Even then, the Georgia senate race is a bigger risk for the bond market (full democratic control implies bigger stimulus in 2021, which is paid for with Treasuries, thus pushing yields higher). Trading ranges were increasingly narrow as the day progressed and yields remained well under the prevailing support levels around 0.96%. Econ Data / Events 20min of Fed 30yr UMBS Buying 10am, 1130am (M-F) and 1pm (T-Th) Case Shiller Home Prices (y/y) +7.9 vs +6.9 prev Market Movement Recap 08:39 AM Bonds opened weaker in Asia with global equities markets rallying at the start of the overnight session…(read more)Forward this article via email:  Send a copy of this story to someone you know that may want to read it.