MBS Day Ahead: Bonds Continue Fighting For Consolidation Ahead of Fed

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Posted To: MBS Commentary

In the day just past, bonds built on the Tuesday's strength following a correction to the weakest levels in more than a week. 10yr yields briefly made it as low as 2.11% before consolidating in a fairly perfect triangle/pennant for the rest of the day. In the day ahead, bonds continue fighting for more consolidation ahead of next Wednesday's Fed announcement (and press conference and updated economic projections. While Fed policy will ultimately be a function of various economic variables (labor market, inflation, financial stability), the FOMC has a certain degree of latitude in deciding whether to approach its mandates more conservatively or aggressively. The market's current read on the Fed is that they'll be more predisposed to aggressive changes (assuming they see evidence...(read more)

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