Posted To: MBS Commentary
Here's a look at the week so far: Note the narrowing ranges in both MBS and Tsy's… FOMC minutes didn't pack much of a punch today, at least not as far as one might be able to infer from the chart. If you tried hard, you might chalk up as much as a quarter point of MBS improvement to post-minutes trading, but you'd be ignoring the nearly half point drop in price earlier this AM and perhaps the fact that today's price movements coincide well with the thoughts this AM on narrowing ranges and volatility ahead of NFP. If nothing else, the importance of NFP was reiterated as FOMC minutes did mostly nothing. Volume continues to ramp back up with progressively higher tallies every day so far this year. Just as the shorter term charts show a narrowing range, their effect on the…(read more)
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