MBS Day Ahead: Waiting For FOMC Near Weaker End of Range

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Posted To: MBS Commentary

With no significant data set for this morning, markets' attention will be fully turned to this afternoon's FOMC Minutes release. The Minutes provide a more detailed account of the meeting that took place on July 26-27th, resulting in the most recent official policy announcement (on the afternoon of the 27th). Heading into that announcement , bond markets were trading near the top of their yield range . The announcement kicked off a 3-day rally that brought yields to the lowest levels of the past month. This was somewhat puzzling at first glance, because there wasn't a clear signal for the rally in the announcement itself. That left analysts guessing as to the cause and effect. The best guesses were that an "absence of clear rate hike rhetoric" and the expectations for…(read more)

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