MBS RECAP: Data Underwhelms; Rally Fades

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Posted To: MBS Commentary

Today brought one of the week's only potentially important economic reports in the form of the Philly Fed Index, but it fell on deaf ears. Notably, the headline and the internal components were at odds. At first glance, that might help us justify the lack of movement at 8:30am ET, but a closer look reveals that volume was completely dead at the time. The takeaway is that traders probably weren't going to care either way. And that notion of 'not caring either way'–at least when it comes to economic data–is something I'm starting to hear more and more around analytical campfires. The argument is that an eventual trade deal (whatever it ultimately ends up looking like) will likely change the landscape of economic data. Not only do we not know when that will happen exactly…(read more)

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