Bond Market Comment
Mortgage Bonds started out the morning down, but have since climbed into positive territory. Overall, however, prices still remain just below a stiff ceiling of resistance at the 200-Day Moving Average.
In other news, Existing Home Sales came in below expectations. Also in the news, the Fed Meeting begins today. Although the Fed Funds Rate won't change as a result of the meeting, there is speculation that the Fed will buy more longer-term Treasuries, which may jumpstart the cycle needed to eventually bring Mortgage rates down.For now, I recommend floating as we watch to see if a continued slide in Stocks can help Bonds improve or if the Treasury Department's auction of 2-Year Notes today will pressure Bonds lower. I will keep you posted.
Leonard Winslow
Dominion Trust Mortgage
In other news, Existing Home Sales came in below expectations. Also in the news, the Fed Meeting begins today. Although the Fed Funds Rate won't change as a result of the meeting, there is speculation that the Fed will buy more longer-term Treasuries, which may jumpstart the cycle needed to eventually bring Mortgage rates down.For now, I recommend floating as we watch to see if a continued slide in Stocks can help Bonds improve or if the Treasury Department's auction of 2-Year Notes today will pressure Bonds lower. I will keep you posted.
Leonard Winslow
Dominion Trust Mortgage
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