Good Morning,
I hope that your Thursday is off to a terrific start. In the Markets today, Mortgage Bonds are higher so far, after yesterday's wild ride in which prices dropped due to the poor auction results, but then moved higher after the Fed statement was released.
In today's news, Initial Jobless Claims came in below expectations. Bonds worsened initially on the headline, but have since moved back to positive territory. Existing Home Sales were also reported less than expected. However, the inventory of unsold homes fell to the lowest inventory level since April 2007.
Currently, Bond prices are battling overhead resistance at the 200-day Moving Average. I recommend floating for now, but stay tuned as today's auction of $29 Billion worth of 7-yr Notes could shake things up later. I will certainly keep you posted as the day unfolds if a change of course is required. In the meantime, I hope that you have a great day. If there is ever anything that I can do for you, please let me know.
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