MBS RECAP: Bonds Continue Pre-FOMC Consolidation With Modest Weakness

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Posted To: MBS Commentary

The fun thing about FOMC Minutes releases is that we can never be sure if they're going to cause drama for rates until we see how markets react. Whether or not that happens, rates have been trading a classic low-volume consolidation pattern leading up to the day itself. Every bit of trading for the past 4 sessions has taken place within the range established on Tuesday and Wednesday of last week. Today's trading never really came close to testing the boundaries of that range. That's a good thing considering rates were heading higher during the the two instances of more active trading. The first followed this morning's Housing Starts data. Although Building Permits were weaker than expected, investors were able to overlook the implications due to the typically large month-to...(read more)

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Source: http://www.mortgagenewsdaily.com/mortgage_rates/blog/501471.aspx

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