MBS Day Ahead: What’s a PMI And Why Should We Care?


Posted To: MBS Commentary

Yesterday was fairly uneventful as global markets generally cooled off after 2 big days of Brexit-related volatility at the beginning of the week. For those of us following rates with a focus on the mortgage market, the most notable outcome was the highly visible outperformance in MBS. It wasn't visible because it was huge, but rather because MBS simply held perfectly flat as Treasury yields rose throughout the day. Today brings the week's most important slate of economic data. Realistically, it's the only day with any meaningful reports. Festivities start at 8:30am with Durable Goods–definitely a potential market mover these days given the ongoing focus on trade. After that, it's on to the Markit PMIs at 9:45am ET. A PMI is a Purchasing Managers Index. That's a phrase…(read more)

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