Posted To: MBS Commentary

Forget the economy. Forget covid. Forget Fed policy. Those things will all be back to move the bond market fairly soon, but first, there will be an adjustment in response to the outcome of today's Georgia senate elections. Polls are open now and will remain open until 7pm. That means the results are not counted until polls close, so this will not be a market mover today, and if the races are close enough, it's not even a guarantee for tomorrow, although that is certainly a risk. Between now and then, we should expect bonds to remain in the prevailing range with 10yr yields hesitant to stray too far below 0.90 or above 0.96. Today's only relevant economic data is ISM Non-Manufacturing at 10am ET. This is typically one of the more capable market movers, and while it could have a small…(read more)

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Source: Mortgage News Daily