Posted To: MBS Commentary

More ranges, more pivot points, more trends, more chopatility, more uncertainty, more of EVERYTHING you've come to know and love about 2009. The conclusive tone is used here because nothing changes, nothing will change, and nothing CAN change until some time into the new year. That's it. It's done folks... 2009 is but a fading memory as of 5pm today. The FOMC statement was our last big chance for a piece of data or a headline event to come along and exert such a force on MBS and the yield curve that they'd be nudged off their long term ranges. And though it came closer and gave a better head-fake than any event of the last several months, it failed to confirm, and where do we end up? Let's run down the list: MBS spreads are in a constant state of flux so they get a pass...(read more)