MBS Day Ahead: Bonds Fight to Hold Under Important Ceiling Amid Data Darkness

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Posted To: MBS Commentary

After today's Existing Home Sales data (which is unaffected by the government shutdown because it's published by the National Association of Realtors), there will be no other bigger-ticket economic reports this week. Most of the blame for that lies with the fact that there simply isn't much on the economic calendar on this holiday-shortened week. But the most important blame is reserved for the ever-present government shutdown which will prevent the release of Durable Goods on Friday–the week's only truly big-ticket report. It's our expectations–or at least our hope–that the absence of big-ticket economic data will keep bond markets in a sufficient state of uncertainty as to prevent the break of a key ceiling just overhead at 2.82%. As always, such ceilings may end up…(read more)

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