Tariff Ruling Tried (And Failed) to Steal The Show
Fri, Feb 20 2026, 4:44 PM
MBS Recap
Tariff Ruling Tried (And Failed) to Steal The Show
MBS Recap Matthew Graham | 4:43 PM
Tariff Ruling Tried (And Failed) to Steal The Show
If you were told ahead of time that Friday morning would bring news that the Supreme Court struck down the IEEPA tariffs, you wouldn't be crazy to think it would be the week's biggest news and a big potential source of volatility for bonds. But reality wasn't quite as dramatic. It's true that the tariff ruling garnered the week's highest volume as well as some elevated directional volatility, but in outright terms, it was less than 3bps in 10yr yields and about half of that was recovered as the day progressed. Reasons and implications are discussed in greater detail in today's recap video.
Slightly stronger overnight and a tiny bit of push-back after data. MBS unchanged and 10yr down 1bp at 4.066
10:13 AM
Weaker after SCOTUS ruling on tariffs. MBS down 2 ticks (.06) and 10yr up 2bps at 4.097
04:30 PM
More than reasonably resilient in the PM hours. MBS now unchanged and 10yr up only 1bp at 4.085
Lock / Float Considerations
The week ended uneventfully for the bond market despite the apparently eventful news and data. The upcoming week is even lighter in terms of data, but political developments may add some volatility.
