Posted To: MBS Commentary
Strong Data, But Even Stronger Sideways Grind Bonds started the day in slightly weaker territory but moved very quickly to get back to unchanged levels. After that? Nothing! 10yr yields and MBS have both coasted sideways in ranges so narrow as to make observation and analysis obsolete. Even stocks were unable to escape the flatness. True, there's more time left to trade, but with 20 minutes to go, the S&P is almost perfectly unchanged vs yesterday. Stronger econ data had no impact, and we don't anticipate a reliable data-driven response until Friday's NFP. Econ Data / Events Fed MBS Buying 10am, 1130am, 1pm Case Shiller Home Prices (y/y)….14.9 vs 13.4 prev FHFA Home Prices (y/y)………….15.7 vs 14.0 prev Consumer Confidence 127.3 vs 119.0 f'cast, 120.0 prev Market…(read more)
Source: Mortgage News Daily
