The Week Ahead: Retail Sales, Housing Starts and Fed Speakers Galore

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Posted To: MBS Commentary

With backs against the wall on Friday, and very much at risk of triggering a negative technical signal, bond markets battled back for their 2nd best closing levels of the week. If they hadn't, it would have marked the first time since late 2010 that 10yr yields would have closed at 6 month highs for two consecutive weeks. That may not have spelled certain doom for rates, but it was the more evil of two evils. Instead, we got the lesser. One of the biggest drivers of the broader sell-off has been the shift in tone among FOMC members made clear by the Minutes release on Jan 3rd (though the Fiscal Cliff Mini-Deal and the reasonably strong Employment Report on the same week didn't help). To reiterate a point that's finally gaining some traction, bond markets didn't sell-off because they could somehow...(read more)

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Source: http://www.mortgagenewsdaily.com/mortgage_rates/blog/291141.aspx

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