MBS RECAP: Big Miss in Philly Fed Index Pushes Yields Lower

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Posted To: MBS Commentary

Grandparents will always have at least a few stories about "the way things used to be." Those old ways may seem inefficient, strange, wonderful , or all of the above to the younger generation. For market watchers, the generational divides aren't measured in 2-3 decades but rather 2-3 years (and sometimes 2-3 days!). With that in mind, our market-watching forebears have stories of this stuff called "economic data" that was released on a set schedule. When the data was released, bond would often react predictably . For example, data that suggested economic weakness would help bonds and vice versa. It turns out economic data is still a thing! It just hasn't been on the current generation's radar, apart from a few key exceptions like Nonfarm Payrolls and CPI. But…(read more)

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