MBS Day Ahead: Still Waiting For The Trading Week to Start (Tomorrow)

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Posted To: MBS Commentary

CPI, CPI, CPI… The "Consumer Price Index" is the one thing on this week's economic calendar that stood out as a top tier potential market mover. After a few revisions, the lowest-in-years reading of 1.6% for "Core CPI" became 1.7% in June and has held at 1.7% in the 3 subsequent reports. If we see that number finally rise tomorrow, it will be an ominous sign for bond bulls–one that that suggests there may be something to the Fed's assessment of super low inflation being temporary. The only problem with CPI being a big market mover–at least as far as TODAY'S trading session is concerned–is that it doesn't come out until tomorrow! As the week has progressed, we've seen a series of swings and misses by all manner of market data, events, and headlines…(read more)

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