Mortgage Bonds are trading a bit higher so far this morning, as Stocks move lower. Also helping boost Bonds was a tolerable inflation reading of 0.2% for February and 1.8% year-over-year, after the volatile food and fuel figures are removed.
In other news, Personal Income came in slightly lower than estimates, while Personal Spending was inline with estimates. In addition, consumers are still hunkering down and saving, as the Personal Savings rate remained above 4% once again in February and among the highest savings levels seen in a decade.
Currently, Mortgage Bonds are trading in a wide open range between resistance and support. We can continue to float for now. But, with Bond prices once again near historic highs, we may want to lock in our gains soon. I will keep you posted as things develop. In the meantime, I hope you have a great rest of your day. If there is ever anything that I can do for you, please let me know.
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