MBS RECAP: Fairly Big Selling, But Irrelevant to Bigger Picture

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Posted To: MBS Commentary

Super light volume and participation Data was overlooked (on-target GDP and weaker Existing Sales) Oil and European yields pushed US rates a bit higher US rates keep returning to narrow range centered on 2.22% 10yr yields Today's weakness simply corrects 2 days spent in stronger territory GDP was in line with the median forecast and the Existing Home Sales report was significantly weaker than forecast. On balance, that suggests bond market strength, but bonds sold off today. So right off the bat, we know we don't need to talk about market movement in the context of the data. From there, let's just skip to the conclusion: there really IS NO CONCLUSION to be drawn from market movement when trading is as light as it was today (one of the 5 lightest days of the year, INCLUDING half...(read more)

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Source: http://www.mortgagenewsdaily.com/mortgage_rates/blog/545591.aspx

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