MBS MID-DAY: Pre-Weekend Drift in Full Effect

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Posted To: MBS Commentary

I reserve the right for this "MBS MID-DAY" to also be the "MBS RECAP" as I don't expect much to happen in the rest of the trading day. It seems fairly clear that bond markets were on a mission to correct from last week's post-NFP rally this week and that this was largely accomplished yesterday. We've seen some volatility so far today, but it's increasingly settled down right in line with yesterday's closing levels. Economic data was light today with only Import/Export Prices and Wholesale Inventories/Sales. There were no meaningful reactions to either piece of data, although the Wholesale Sales figures at 10am seemed to coincide with bond market strength. Given the absence of any volume spikes at the time, that move instead has to be chalked up to tradeflows...(read more)

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Source: http://www.mortgagenewsdaily.com/mortgage_rates/blog/518145.aspx

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