Posted To: MBS Commentary

No Whammies From Powell. Bonds Like It Today’s only notable calendar item was the congressional testimony from Fed Chair Powell. He mainly stuck to the script, but elaborated a bit on a few topics (more details here). For example, he was very clear about the Fed’s high hopes for upcoming labor market data. That means next week’s jobs report would be hard-pressed to make the Fed interested in tapering any sooner. Thus, the strong outlook is actually a feather in the bond market’s cap. Econ Data / Events Fed MBS Buying 10am, 1130am, 1pm Existing Home Sales 5.8m vs 5.72m f’cast, 5.85m prev Market Movement Recap 09:06 AM Flat in Asia, stronger in Europe, then weaker heading into domestic hours. Traders a bit cautious as auction cycle begins and ahead of Powell’s afternoon…(read more)

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Published On: June 22, 2021 / Categories: Mortgage News /