MBS Day Ahead: To Dove or Not To Dove…


Posted To: MBS Commentary

What is the sound that doves make? I know they can cry, according to Prince, but "to cry or not to cry" would have been a weird headline title. I'm pretty sure they "coo" as well. "To coo or not to coo" really wouldn't have worked either. So I'm turning dovishness into a verb. We can just assume it means "to be dovish." Indeed, that's really what today is all about: how dovishly the Fed delivers its message. Today is NOT about whether or not the Fed hikes. I'm not really sure how this notion has gained so much traction given that even the most dovish Fed speakers are still saying that rates are merely "almost back up to neutral" in their most recent speeches. Add to that the fact that the Fed had previously said it may raise…(read more)

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