MBS Day Ahead: Bonds Plead Bullish Case as Fed Takes The Stand

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Posted To: MBS Commentary

Wednesday is off to a good start with friendly inflation data leading things off at 8:30am and an even friendlier press conference from European Central Bank (ECB) president Mario Draghi. The ECB didn't make any policy changes, but Draghi's tone hasn't changed from the last meeting. He reiterated a generally gloomy stance with lower growth and inflation ahead. Notably, he said that inflation should bottom out in September and that growth headwinds were temporary, but what else are you going to say if you're the 2nd most important central banker in the world? "Hey guys... we're screwed and nothing we can do is going to prevent recession?" In other words, Draghi has been and continues to be about as gloomy as any central banker could be. Any more pessimistic and...(read more)

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