MBS Live Morning: Bonds Hit By Ukraine De-Escalation

The downside of a bond rally based on geopolitical risk is that gains can evaporate quickly in the event of de-escalation.  That's the theme of today's trading session so far.  The earliest headlines focused on Lavrov comments regarding an open dialogue with the West.  They had less of an impact.  Later in the overnight session, news that "Russian troops were returning to base" sparked an immediate reaction in markets, sending stocks and bond yields higher.