MBS Day Ahead: Bonds Feeling Out Expanded Range Amid Limited Data

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Posted To: MBS Commentary

Today's only significant economic data hits at 10am ET with Existing Home Sales (5.52 mln forecast vs 5.61 mln previously). Given the bigger decline in the most recent Pending Home Sales data, 5.52 mln is a bit of a bullish guess among economists. If we just applied some simple math from the Pending Sales decline, the implied number for today would be 5.47 mln. Either way, that would the series in fine shape overall , especially considering that 5.61m number from last month was the highest in nearly 10 years. Ultimately though, Existing Sales data tends to be a mild market mover at best. Preferences seem to have been shifting toward an older-school mentality where traders are actually able to avoid laughing at the notion of inflation–something that was very easy to dismiss between 2011…(read more)

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