MBS RECAP: Every Bit the Pre-Christmas Trading Day


Posted To: MBS Commentary

Today created very little–if any–need to think, say, or do things that haven't already been thought, said, or done–at least when it comes to bond trading. The week was effectively over with yesterday's sideways session–a fact I emphasized in this morning's Day Ahead for the three of you tempted to continue paying attention to markets today. The super low volume, super sideways trading wasn't for lack of interesting economic data . Durable Goods was weaker than expected, including the important "Cap-Ex" component. Also in the 8:30am time slot, Core year-over-year PCE (something the Fed would like to see at 2.0%) merely met expectations of 1.5%. Despite those relatively bond-friendly cues, there was no reaction. Then at 10am, New Home Sales completely obliterated…(read more)

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