Steven Major, HSBC’s global head of fixed-income research, joins Bloomberg Intelligence strategists Ira Jersey and Will Hoffman to delve into the complexities of bond markets. They discuss the determinants of long-term interest rates and how supply influences yields. Regulatory constraints on dealer-intermediation are examined, alongside a contrarian outlook for global bonds. The conversation emphasizes the need for intellectual honesty in economic research while exploring the shifting dynamics between goods and services consumption.

BI's Erica Adelberg and Will Hoffman discuss MBS market trends, housing market performance, and the implications of continued MBS runoff from the Fed's balance sheet. They delve into structural demand implications, rising housing prices, refinancing trends, and the evaluation of higher mortgage coupons.