MBS
+10/32 @ 101.04 10 Yr T +11/32 @
2.4930 DOW +18 @ 15470
Overall, there were no significant surprises in Bernanke's
comments today, but his tone was a bit more dovish than expected, which helped MBS.
He emphasized that the Fed's bond purchases are not on a "preset
course", but rather will depend on incoming economic data. He repeated
that, if the economy performs as expected by Fed officials, the anticipated
path will be to begin to taper later this year. Housing Starts fell short of
expectations, mostly due to weakness in the volatile multi-family units
component. The Fed's Beige Book reported "modest to moderate"
economic growth since the last report roughly six weeks ago. Tomorrow, Jobless
Claims, Philly Fed, and Leading Indicators will be released.
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