Posted To: MBS Commentary
Rates been in a narrow, noncommittal, sideways range for weeks. The last two days were especially barren in that they lacked any economic data, which might have at least offered some chance to see a connection between events and market movement. While there is still no guarantee of such a connection today, at least we’ll add an “event” to the mix. At least there’s a chance. The event in question is Existing Home Sales. Like a 4th string quarterback that miraculously gets called off the bench after 3 unexpected injuries, the Existing Sales report gets a spotlight much brighter than it otherwise would. Indeed, it is our only hope today to get some sort of logical momentum going (as opposed to seemingly random tradeflow-motivated trading). Unfortunately , if logic prevails, the…(read more)
Via:: MBS Day Ahead: Finally Some Data, but No Guarantees
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