MBS RECAP: Bonds Do Mostly Nothing on Mostly Pointless Day

Posted To: MBS Commentary

GDP was +0.8 vs +0.9 forecast this morning Consumer Sentiment was 94.7 vs 95.4 Inflation expectations were the lowest since 2010 But markets didn’t trade any of that data Anyone who was still working, was waiting to see if Yellen would say something She did, and the 3 people still working sold bonds These pre-holiday half-days are fairly pointless , and only really exist as a courtesy to the folks who need access to financial markets for operational reasons. To a lesser extent, they also provide another day for economic data releases without needing to reschedule them, potentially clogging up the calendar on a more worthwhile day. Harvard and Yellen made markets wait until half an hour before the early close to find out if she would say anything about monetary policy. She did. It was generic…(read more)

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