Fed Minutes Today at 2pm EST

Follow the markets live as the Fed Minutes are released at 2pm EST today.

It’s Fed Day. Are you ready?

If you’ve been following the MBS Commentary, you know what a big deal this afternoon could be. Markets have been preparing for it for weeks and MBS Live members have been on top of those movements every step of the way.

This afternoon, when markets are convulsing mere milliseconds after the Fed Announcement, MBS Live members will know what’s going on before anyone else. The accuracy and speed of our real-time price stream and alerts is unmatched.

MBS RECAP: Even Stronger Than Yesterday, But Confirmation Still Needed

Bonds walked their own path today with gains overnight holding fairly steady during the first part of the domestic session.  Mid-day testimony from Powell/Yellen had no effect on Treasuries/MBS, but a late-day “risk-off” move has bonds pushing well into their best levels of the day.  1.62% continues to hold as a floor and we need a strong break below there in order to add confirmation to the week’s positive vibes.  Those prospects may depend on the Treasury auctions in the coming days as well as the month-end trading environment (and Japan’s fiscal year-end trading).

Market Movement Recap

08:29 AM

Stronger overnight again–especially in Europe (again).  Best levels near 7am and bouncing back modestly since then.  1.626% lows raise concerns about resistance.  No major market movers in play.  Traders/analysts speaking in generalities (i.e. oversold momentum subsiding, US/China sanction concerns, EU covid resurgence concerns).

12:43 PM

Very calm so far, even as Powell’s speech begins (just reading prepared remarks).  Treasuries sold and rallied to end up right at AM levels currently (-4.8bps at 1.65%).  2.5 UMBS are up nearly a quarter point and haven’t really budged all day (2 tick or 0.06 trading range throughout).

02:49 PM

Steady at the best levels of the day–just slightly stronger than last update with 10yr down 5.5 bps at 1.64 and 2.5 UMBS up a quarter point.

About the Author

Chief Operating Officer,
Mortgage News Daily / MBS Live

A former originator, Matthew began writing for Mortgage News Daily in 2007, covering a wide range of topics. Seeing a need in the marketplace, his focus increasingly shifted toward relating MBS and broader financial markets for loan originators.


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By Matthew Graham , dated 2021-03-23 15:33:11

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Courtesy of Mortgage News Daily

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