MBS Day Ahead: Fed Minutes Approach; and a Musical Guest!

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Posted To: MBS Commentary

There are only so many ways to say that bonds are range-bound and waiting for the motivation to break that range. Could it be the Fed Minutes today? Sure! But could the Fed Minutes also be a non-event that only prolongs the sideways indecision? Again, sure! One thing to keep in mind about this particular release of the Fed Minutes is that they pertain to a meeting where the Fed hiked rates, kept its rate hike outlook essentially unchanged, and published the least-edited version of their policy statement that we've seen in modern memory. The only noticeable change was the abandonment of the word "accommodative"–a qualitative reference to where the Fed views itself on a spectrum of tight/loose monetary policy. All of the above places a tremendous amount of emphasis on the Minutes…(read more)

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