Relative to the expectation for yesterday's Fed events to cause volatility, the movement we've seen in the bond market has been fairly pitiful in response.  Seriously folks... I can't think of a bigger gap between they hype and the outcome with respect to Fed days.  Today was merely "The Anticlimax: Part 2."

In the overnight session, yields respected the exact some highs as the previous overnight session.  During domestic hours, bonds rallied just enough to get close to yesterday's best levels before retreating to something almost perfectly between the two.

This is a classic, albeit miniature, consolidation pattern.  It could signal a measure of equilibrium between buyers and sellers at current levels, but more likely, it's simply a sign of indecision and apathy after the Fed failed to provide inspiration to retest the levels seen after last week's ECB announcement.

Tomorrow's data calendar won't be much help when it comes to basing trading decisions on economic data (it's empty).  There will be a few Fed speakers throughout the day, but whether they offer anything new or different beyond yesterday's Fed info deluge remains to be seen.


MBS Pricing Snapshot
Pricing shown below is delayed, please note the timestamp at the bottom. Real time pricing is available via MBS Live.
MBS
FNMA 3.0
101-01 : -0-01
Treasuries
10 YR
1.7870 : +0.0030
Pricing as of 9/19/19 5:44PMEST

Today's Reprice Alerts and Updates
A recap of Alerts and Updates provided to MBS Live subscribers.
3:44PM  :  ALERT ISSUED: Reprice Risk Increasing Very Modestly For Some Lenders
11:27AM  :  Bonds at Weakest Levels

MBS Live Chat Highlights
A recap of featured comments from the Live Discussion on the MBS Live Dashboard.
Nathan Miller  :  "locking any deals I can get, yes"
Sophia Fuentes  :  "you guys locking in before the reprices?"
Gavin Luckman  :  "Bonds in there fighting! I like it!"
Matthew Graham  :  "Think The Fed Cut Mortgage Rates? Think Again"

Economic Calendar
Time Event Period Actual Forecast Prior
Thursday, Sep 19
8:30 Philly Fed Business Index * Sep 12.0 11.0 16.8
8:30 Jobless Claims (k) w/e 208 213 204
10:00 Existing home sales (ml)* Aug 5.49 5.37 5.42
10:00 Exist. home sales % chg (%)* Aug +1.3 -0.4 2.5