Posted To: MBS CommentaryNo Floors Harmed in Defense of The Ceiling With yields vaulting higher last week, we’ve been looking for any evidence that bond buyers had seen enough weakness to step in and “buy the dip.” Buying the dip in prices means buying the ceiling in yields, and there’s a case to be made that 1.56% was the relevant ceiling level over the past few days. In that sense, today’s gains finally offered a rejection of the breakout seen at the end of last week. We haven’t yet seen enough of a push back to challenge any major technical floors. Econ Data / Events Fed MBS Buying 10am, 1130am, 1pm Core Annual CPI 4.0 vs 4.0 f’cast/prev 30yr Bond Auction Grade: A Market Movement Recap 08:52 AM Flat to slightly stronger overnight, then weaker after CPI data (sharply at first, but now…(read more)Forward this article via email:  Send a copy of this story to someone you know that may want to read it.