MBS
+25/32 @ 101.15 10 Yr T +16/32 @
2.4750 DOW +114@ 15024
Comments
from the Fed's Dudley lifted MBS today. Dudley, along with several other Fed
officials this week, reminded investors that tapering the Fed's bond buying
program does not mean that the Fed plans to tighten monetary policy in other
ways any time soon. Specifically, Dudley suggested that it will be a long time
before the Fed will raise the fed funds rate and repeated that the 6.5%
Unemployment Rate target is merely a guideline rather than an automatic trigger
to raise rates. Stronger than average demand for the 7-yr Treasury auction also
helped MBS markets today. The economic data had little impact. May Pending Home
Sales increased 7% from April to the highest level since December 2006.
Tomorrow, Chicago PMI and Consumer Sentiment will be released.
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