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MBS Day Ahead: Fed Minutes Speak to Ancient Well-Known History

Posted To: MBS Commentary

The Fed has increasingly been discussing its tapering strategy. They haven't been shy about saying so. In fact, at least 5 members have vocally supported announcing tapering in the September meeting if jobs gains continue at the current pace. But that's just the 5 who've opted to speak up. There could be a few others who share that sentiment, and today's Fed Minutes would help the market get a better sense of the number a week before Powell adds even more clarity (hopefully) in Jackson Hole. Even if that number is surprisingly high, we should also consider what has transpired since the Fed's meeting. Here are a few highlights : GDP missed (6.5 vs 8.5 f'cast) Pending Home Sales turned negative (-1.9 vs +8.9 previously) Employment costs declined (0.7 vs 0.9 prev) Core…(read more)

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