Posted To: MBS Commentary
The sense that financial markets are circling the wagons in preparation for tomorrow’s FOMC events is palpable. Yesterday ended up being the lightest day of the year in terms of Treasury trading volume. MBS traded below average as well. While both saw modest gains, neither broke any recent ranges. Charts still give the clear sense that trading ranges are consolidating ahead of FOMC. And all that despite bigger moves in other markets! In other words, Treasuries and MBS are grinding to a halt (albeit a refreshingly resilient halt) of their own volition. That means one of two things usually. Either they’re legitimately indecisive, or legitimately waiting to be decisive until after FOMC events bring clarity tomorrow. One thing’s for sure: today’s only major economic data isn’t…(read more)
Via:: MBS Day Ahead: Today is Important Because it’s the Last Day Before Tomorrow
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