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MBS RECAP: Weaker Data Offset by European Tapering Fears

Posted To: MBS Commentary

Weaker Data Offset by European Tapering Fears Bonds improved after weaker economic data this morning. Traders keyed in on internal components of the Chicago PMI report and concluded some labor market weakness could spill over to the week's forthcoming employment reports. But hawkishness from the European Central Bank pushed bonds back into weaker territory. All of the above takes place inside the same sideways range that's been intact for more than 3 weeks now. Econ Data / Events Fed MBS Buying 10am, 1130am, 1pm FHFA Home Prices (June, y/y) 18.8 vs 18.0 prev Case Shiller Home Prices 19.1 vs 17.1 prev Chicago PMI 66.8 vs 68.0 f'cast, 73.4 prev Consumer Confidence 113.8 vs 124.0 f'cast, 125.1 prev Market Movement Recap 09:35 AM Bonds were flat to stronger early in the overnight…(read more)

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