Posted To: MBS Commentary
With 10yr yields up only 2.2bps to begin the day and MBS down only 2 ticks, it's interesting to note that initial reaction to the overnight policy announcement from the Bank of Japan was actually a bigger market mover than Wednesday's FOMC Announcement. The catch is that bond markets were able to stop the bleeding and find some support as the domestic session approached. Thus the recent range was never even remotely close to being threatened. As I write, Advance GDP (the first look at Q2, and thus more surprise potential) has just now come out at +1.2 vs a forecast for +2.6 . Logically, bonds have improved quickly on that news, bringing Treasuries and MBS back to 'unchanged' levels. It now falls Chicago PMI at 9:45am to inspire bond markets. Beyond that, the most relevant fact...(read more) Forward this article via email: Send a copy of this story to someone you know that may want to read it.
from Mortgage News Daily http://ift.tt/2aDsU4C
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