Absolutely No Surprises From Powell What a letdown, but also what an unsurprising speech from Fed Chair Powell. He did the market a solid and threw in a mention of "R Star" and the inflation target, but not in a way that offered any new insight beyond anything shared at the last press conference. Markets had some positioning to work through in the wake of the speech, but the process was done by lunch with both MBS and Treasuries perfectly unchanged by the 1pm hour. Econ Data / EventsConsumer Sentiment 69.5 vs 71.2 f'cast, 71.6 prev 1yr inflation exp.3.5 vs 3.3 f'cast 5yr inflation exp.3.0 vs 2.9 f'cast Market Movement Recap09:28 AM Losing some ground. 10yr up 1.4bps at 4.255. MBS down 3 ticks (.09). 10:49 AM Some weakness after Powell, but stabilizing now. MBS down 5 ticks (.16) and 10yr up .6 bps at 4.247. 02:57 PM Additional gains, but modest. MBS up 1 tick (.03) and 10yr down 0.2bps at 4.239.
Absolutely No Surprises From Powell What a letdown, but also what an unsurprising speech from Fed Chair Powell. He did the market a solid and threw in a mention of "R Star" and the inflation target, but... (read more)
What color of front door “sells” the best? Some say black, although in a related topic red is the most popular. Doesn’t that mean red sells the best if there are more red front doors? Statistics are interesting things. LOs everywhere tell me that the... (read more)
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