MBS RECAP: Paradoxical GDP Vetted By Internals, FOMC Innocuous, Asleep Till NFP

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Posted To: MBS Commentary

MBS Live : MBS Afternoon Market Summary It was quite the odd FOMC Announcement day... Here we were, planning on the week's biggest TWO events being today's FOMC Announcement and Friday's NFP numbers, and GDP, of all things, turns out to be the bigger market mover. That left the onus on a fairly tepid FOMC Announcement to release the bearish pressure and bring rates back in line with morning levels, which it did. It's likely, however, that this was more of a "pressure release" than anything, given the fact that the statement itself was actually more economically bullish than the last one, but constituted a bit of a relief as it made no big scary threats on the livelihoods of Treasury or MBS buying. There was no specific attention paid to the recent notions of early QE conclusions whatsoever...(read more)

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