Following last week's Fed meeting, we had two successive days of subdued trading, each trading "inside" the previous session's range.  Bonds can go either way after that type of consolidation, but usually not in a small way.  The only frustration with respect to bigger moves is that there's not much on the calendar that jumps out as a good source of motivation.  That means, if it's going to happen, it would have to come from something unexpected, or an unexpectedly large beat/miss on one of this week's mid-tier reports.

As far as econ data goes, the week kicks off with Existing Home Sales on Monday.  We'll only be waiting just over 24 hours to be able to compare that result with the New Home Sales data the next morning.  Here's how the two look together over time (existing sales in purple):

2015-3-22n housing

Tuesday's more relevant data will be CPI (consumer price index).  Inflation data is a weird thing these days.  It's just coming off several years of not mattering at all, and only recently started motivating bond market trading in late 2014 and early 2015.  It's tough to say where CPI stands in the hierarchy at the moment (considering the Fed just called out "inflation expectations" as something they're watching more closely), but certainly, any major deviation from the forecast should get a reaction out of markets.  The only other noticeable reports of the week will be Durable Goods on Wednesday and GDP on Friday.

Apart from the data, Fed speakers will be out in force, with Tuesday being the only day WITHOUT a scheduled Fed speech.  These will help balance the committee's stance after we heard from Yellen at last week's press conference.  Finally, there is a Treasury auction cycle from Tuesday to Thursday, but it's the less relevant of the two (2's, 5's, and 7's).


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
102-06 : +0-02
FNMA 3.5
104-28 : +0-00
FNMA 4.0
106-25 : +0-01
Treasuries
2 YR
0.5650 : -0.0203
10 YR
1.9220 : -0.0100
30 YR
2.5080 : +0.0006
Pricing as of 3/23/15 7:30AMEST

Tomorrow's Economic Calendar
Time Event Period Forecast Prior
Monday, Mar 23
10:00 Existing home sales (ml)* Feb 4.90 4.82
10:00 Exist. home sales % chg (%)* Feb 1.7 -4.9
Tuesday, Mar 24
8:30 Core CPI mm, sa (%)* Feb 0.1 0.2
8:30 CPI mm, sa (%)* Feb 0.2 -0.7
9:00 Monthly Home Price mm (%) Jan 0.8
10:00 New home sales-units mm (ml)* Feb 0.465 0.481
13:00 2-Yr Note Auction (bl)* 26
Wednesday, Mar 25
7:00 Mortgage Market Index w/e 399.3
8:30 Durable goods (%)* Feb 0.4 2.8
13:00 5-Yr Note Auction (bl)* 35
Thursday, Mar 26
8:30 Initial Jobless Claims (k)* w/e 290 291
13:00 7-Yr Note Auction (bl)* 29
Friday, Mar 27
8:30 GDP Final (%) Q4 2.4 2.2