MBS RECAP: Lagging Benchmarks

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3:55PM  : 
Is it Really Friday Already? No Data Scheduled. Time to “Trade it Out.”
As is sometimes the case on Fridays, tomorrow’s calendar of scheduled economic data is completely empty, although there are two Fed speakers, Dudley at 830am and Pianalto at 1:45pm. We’re fairly fond of anything that we can glean from the Fed these days both because of the nearness in history of the FOMC announcement that rocked the market, it’s unprecedented number of dissenting voters, as well as next Friday’s Jackson Hole Bernanke speech. But even if the Fed speakers tomorrow do little to move markets, the absence of economic data combined with the epic nature of today’s moves in Treasuries, not to mention to potential technical breakdown in stocks, could make for a great day of what we’ve recently dubbed “trading it out,” where we observe the interplay of one market against the other, each relying on a framework of technical trends and stopping points as they gradually come to a consensus with one another. Ha! Who needs octagons or ringside seats?! This is the best brawl we’ve seen in a long time! For a bit of context, and a closer look at how the technical developments in Stocks and Treasuries have been affecting MBS (and ultimately, what makes its way onto rate sheets), take a look at the following link):

11:03AM  : 
MBS and Treasuries Bounce Weaker as Stocks Stop Sliding

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Article source: http://www.mortgagenewsdaily.com/mortgage_rates/blog/225369.aspx

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