Today's interest rate changes:
Bonds are once again under pressure. The ten-year has risen above the 3.20 level and appears to be headed toward 3.30. The MBS is sitting on a critical support level of 97.50. It needs to hold or we risk 97.20 at a minimum. The news today was mixed. Consumer confidence was once again hammered and I give this the most weight. Perhaps later the market will agree with me. This pullback seems more technical than fundamental and it needs o run its course. Thursday is a massive news day, lets hope it bring us favorable bond news.
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