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MBS RECAP: Uneventful Month-End Friday. Next Week Could Be Different

Posted To: MBS Commentary

Uneventful Month-End Friday. Next Week Could Be Different Bonds recovered modestly but respectably after starting the session at slightly weaker levels. MBS outperformed throughout. PCE inflation data was of little consequence (no surprise considering the as-expected result), but yields did seem to pay some attention to Chicago PMI at 9:45am (Chicago PMI at 72.1 vs 65.3). After months of complacency, this suggests bonds are starting to tune into data a bit more. As such, next week's slew of big-ticket reports (culminating in nonfarm payrolls) could make for bigger moves. Econ Data / Events Fed MBS Buying 10am, 1130am, 1pm Core PCE Inflation 1.8 vs 1.8 f'cast, 1.4 prev Employment Cost Index 0.9 vs 0.7 f'cast, 0.7 prev Chicago PMI 72.1 vs 65.3 f'cast Consumer Sentiment 88.3 vs…(read more)

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