August 29th, 2022 - Market Update
Current position: Locking
Stocks and Mortgage Bonds are both sharply lower to start the day.
At the Jackson Hole Symposium last week, Jerome Powell roiled the markets in a short eight-minute speech on Friday where he said that "curbing inflation will cause pain for U.S. households and businesses”.
It's jobs week, and the results of the BLS Jobs Report will certainly cause volatility in the markets. Case-Shiller and the FHFA will also be releasing new appreciation readings for June tomorrow.
Mortgage Bonds continue to trade below their 50-day moving average. In the latter half of last week, Mortgage Bond pricing had stayed steady until the Fed and Powell's comments. The 10-year continues to fight the 3.10% level to the upside and is in a clearly defined upward channel.
A convincing break above 3.10% would ultimately bring the 10-year to 3.25%. But as mentioned, news this week will play a big role in market movement.
Begin the day with a locking bias.
Source: MBS Highway
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