MBS MID-DAY: Under Modest Pressure Ahead of Fed

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Posted To: MBS Commentary

Bond markets have continued taking measured steps back from the strongest levels in nearly 3 weeks seen on Monday. So far, today's selling pressure has been roughly in line with yesterday's. This time, it's more about traders adjusting positions ahead of the Fed. While that was also a factor yesterday, it was trumped by a much bigger slate of corporate debt issuance (companies rushed to issue their debt early in the week before Fed-induced volatility). Economic data was a non-event this morning. Pending Home Sales were weaker than expected and bond markets did nothing with that info. In fact, there's only been another modest move higher in yields since 10am and it wasn't at all correlated with the Pending Sales data. If anything, the most recent selling in bond began as...(read more)

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Source: http://www.mortgagenewsdaily.com/mortgage_rates/blog/492591.aspx

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