Ep. 98 | Another Day of No News is Good News

Mortgage rates moved lower as a relatively quiet day gave bond markets little reason to sell. We did get some manufacturing data and a small Treasury auction, but neither was enough to shake markets, making this another case where “no news is good news” for rates. We also look at Oaktree Capital’s Howard Marks and his thoughts on how the U.S. can address its growing debt problem. Plus, a new study challenges conventional thinking about long-term interest rates, suggesting that r* — the so-called neutral rate — may no longer be the primary driver of longer-term Treasury yields.