MBS RECAP: No Help From Strong Auction or Weak Data; Waiting on The Fed

Posted To: MBS Commentary

No Help From Strong Auction or Weak Data; Waiting on The Fed Bonds shrugged off a big miss in Retail Sales this morning and, despite more of an acknowledgment, did the same after a strong 20yr bond auction at 1pm ET. Yields held well inside the range set by last Friday's extremes as bonds wait to see what the Fed has to say about higher long-term rates, the Fed Funds Rate forecast, and the prospect of extending a policy (SLR) that has helped big banks buy more Treasuries). Econ Data / Events Fed MBS Buying 10am, 1130am, 1pm Retail Sales -3.0 vs -0.5 f'cast, 7.6 prev Industrial Production -2.2 vs 0.3 f'cast, 1.1 prev Builder Confidence 82 vs 83 f'cast, 84 prev Market Movement Recap 08:37 AM paradoxically weaker despite retail sales coming in lower than expected. 10yr gave up…(read more)

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MBS RECAP: No Help From Strong Auction or Weak Data; Waiting on The Fed
MBS RECAP: No Help From Strong Auction or Weak Data; Waiting on The Fed

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