Monday was exceptionally uneventful for the bond market--as is more often than not the case for data-free Mondays without any other major developments. There were some minor developments though. Tech stocks bounced back a bit, closing at their best level since last Wednesday. Corporate bond yields for Coreweave (a recent focal point for tech sector contagion potential) also moved slightly lower. On most recent occasions, that would imply upward pressure on mortgage rates. In that light, today's sideways performance was a victory.
10/26/26 - Rates held steady despite some healing in tech. That bodes well for range holding ahead of Wednesday's Fed announcement. It remains the case that additional improvements in rates would require more tech turmoil than we've yet seen. The risk of a rebound should be considered either way.
