Shifting Trends, Shifting Strategies?
Wed, Nov 29 2023, 3:14 PM
Another day of modest to moderate gains, but this time without the same sort of obvious cause and effect relationship seen with yesterday’s Waller comments. That’s not to say that Fed comments weren’t helpful–simply that they put in more of a team effort as opposed to an individual standout performance. The gains mean that a sideways trend is now becoming a downtrend in rates. That is a welcome development, but should it change anything about how you interact with the rate market? The answer can depend on how strong that relationship is currently. Either way, it’s a short-term consideration. Next week’s data has the potential to influence longer term considerations.
- GDP, 1st revision, Q3
- GDP Final Sales
09:02 AM
Slightly stronger overnight with a micro bounce on the GDP revision. 10yr still down 2bps at 4.305. MBS up 2 ticks (.06).
10:31 AM
Solid gains into the 10am hour but giving some up now. 10yr down 3.5bps at 4.29 and MBS up an eighth.
02:48 PM
Broadly sideways at best levels. MBS up 5 ticks (.16). 10yr down 4.3bps at 4.278.
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