MBS Week Ahead: Lighter Data This Week as Markets Position for Fed Next Week

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Posted To: MBS Commentary

September continues to be an unfriendly month for bonds, marked by an unfriendly trend that has carried yields almost exclusively higher. Some of the weakness can be chalked up to pent up selling demand that was on hold through the end of August, but economic data and supply situation (lots of bonds being issued by the time we count corporate debt ) are responsible for the lion's share of the movement. Case in point, even with trade war fears, geopolitical uncertainty, and the Fed Funds rate rising just as quickly as markets expect, August still managed to offer up the highest readings in years in Manufacturing and Consumer Sentiment. Core inflation may have missed its forecast, but nonetheless remained over the 2% target. Wage growth rose to a post-crisis high in year-over-year terms,...(read more)

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