The Day Ahead: Assessing The Impact Of Fiscal Cliff Failure And Responsibility

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Posted To: MBS Commentary

Whereas Thursday's session was characterized as a bit tricky due to the uncertain balance of importance between economic data and pervasive Fiscal Cliff issues, Friday is a bit more straightforward, even if more prone to volatility. The reason for this is the failure, late Thursday night, of the House to pass the so-called "Plan B" tax and spending bill which served as a counteroffer to the President's offer. Markets immediately moved in a "risk-off" direction with huge selling in equities futures and substantial gains for bond markets. While this is nice to see for fans of low rates, it's no guarantee of the domestic reception this morning. So, in the sense that today's focus will be on trading the consequences of that failure, it's a straightforward session, even if we don't know how it will...(read more)

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Source: www.mortgagenewsdaily.com

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