MBS RECAP: Narrow Range and Drama-Free Ahead of Fed

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Posted To: MBS Commentary

The only way to read anything overly dramatic into today's bond trading would simply be to observe where it falls in the bigger picture. In other words, this sort of stuff . There were no major reactions to today's econ data–not that we'd expect them–and muted reactions to trade related headlines. Notably, the S&P tagged another new all-time high and bonds didn't even seem to mind much. Today's relative calm could be due to the fact that bonds have sold-off as much as they want to sell-off to get in position for tomorrow's Fed announcement. With the rate cut being a foregone conclusion, the market turns its attention to the verbiage of the announcement and Powell's press conference. He's expected to acknowledge trade war progress and improved odds of a…(read more)

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