Good Afternoon,
It's Fed Day once again and that means the Fed will announce its Interest Rate Decision and Policy Statement later today. Although the Fed won't adjust rates, the markets will be looking for comments about the impact of the stimulus plan on the economy.
In other news, the Advance Gross Domestic Product showed that the US economy contracted more than expected in the first quarter. The combined contraction of the last two quarters is the worst in more than 60 years. On a positive note, however, consumer spending rose at an annual pace of 2.2% last quarter.
Currently, Mortgage Bonds are fairly flat, as traders await comments from the Fed this afternoon. Therefore, I recommend floating to see how prices respond later today, If a change of course is required after the FOMC statements, I will certainly let you know. 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.
No comments:
Post a Comment