Posted To: MBS Commentary
Atonal… without tone. That’s what bond markets have been for nearly 6 weeks following the last FOMC Announcement. While today’s is not the variety that includes the press conference with Yellen or the Fed’s economic projections, it still stands the best chance of anything in the near term to set the proverbial tone. It’s not that market participants are on the edge of their seats for any particular surprise from the Fed. Rather, this is the last FOMC Announcement where we can be sure that the rate hike isn’t even on the table for discussion. Granted, it probably won’t be up for much discussion in June, but at one point in time, June was seen as the most likely month for a hike. The point is that today’s announcement will be combed for clues as to the rate hike…(read more)
Via:: MBS Day Ahead: GDP and FOMC Are Here; One or Both Will Set the Tone
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