It’s an interesting little interlude in the story of the bond market as yields wait to find out what’s next after (probably) confirming long-term highs in October.  The initial, rapid correction is out of the way, as is the correction to that correction.  In deciding what happens next, this week’s ongoing glut of Fed speakers continues chanting the same data dependent refrains.  But ironically, there really isn’t any actionable data this week.  This morning’s jobless claims report was the only arguable exception and it showed just how hungry the bond market is.  Despite the data being almost perfectly sideways, it nonetheless elicited a noticeable response in volume and even a modest selling bias.

Published On: February 8, 2024 / Categories: Mortgage News /