MBS RECAP: Mostly Narrow After Minor Morning Volatility

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Posted To: MBS Commentary

MBS Live : MBS Afternoon Market Summary This morning's Retail Sales report was only a small contributor to a sell-off that took it's more meaningful cues both from overnight trading as well as Friday's snow-ball selling. Even before that, the most significant event of the past 2 weeks continues to be the Employment Situation Report on May 3rd, which marked a turning point for bond markets and introduced a massive, negative directional bias that has yet to run its course. The story of that bounce back was compounded last week by a speculative ramp up in FOMC-related uncertainty. The new (old) notion is that the Fed is set to start tightening the screws on QE and even has a plan to do so! The fact that they might have such a framework should surprise no one, but there's some concern that the...(read more)

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Source: http://www.mortgagenewsdaily.com/mortgage_rates/blog/308429.aspx

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