MBS Day Ahead: First Econ Data of the Year Plus Fed Minutes

Posted To: MBS Commentary

Today brings the first significant economic data of the new year in the form of ISM Manufacturing at 10am. During times when markets are actively responding to economic data, this is one of the most important reports. It is traditionally one of the few consistent runners-up to nonfarm payrolls in terms of market movement potential. These days, however, the market’s inclination to respond to top tier econ data is questionable at best. CPI (the Consumer Price Index) seems to be the only top tier economic report in sight and we’ll have to wait until next Friday to see that. In addition to econ data, Fed policy a perennial market mover. In that vein, we have the minutes from the most recent Fed meeting today (released at 2pm). There is no new policy information released in the minutes,…(read more)

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