Product valuations are not the most appealing to agency MBS investors right now – not enough to keep them from buying, perhaps, but enough to dry up whatever enthusiasm they might have, according to a new structured finance report from analysts at Wells Fargo Securities. “The core theme in the financial markets right now seems to be ‘reluctant buying,’” the report said. Most of the spread products at this point are trading at multiyear tights. And the bloom may be off the rose when it comes to the so-called Trump trade. “Some of the optimism around fiscal policy post-election that drove risk-premiums tighter is...