Market Update

Well, its almost the end of the day and MBS prices are up +7/32 slightly below the 9:45 ET pricing of +8/32. No economic data was released today, however, the FOMC ( Federal Open Market Committee) revealed that nearly all Fed officials were in favor of holding the Fed funds rate very low for quite a while. With tame inflation, they want to allow the economy additional time for improvement before tightening. Can someone say we are going to raise rates when we feel that we are ready to do so !!! So we know rates will go up but the question is when. Lets all pray they stay down for a long time..

Demand was average for the 3 yr auction, foreign investors purchased 52% of the total. The DOW was down 10 points and tomorrow the results of the 10 yr auction will be announced at 1pm ET.

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Have a great night
Thorsten Bernacki