Ceasefire hype disappoints as mortgage rate rally fizzles ☮️📉🙁
Flash Market Update
After last night’s Iran ceasefire announcement oil prices fell 18% helping to spark a strong bond rally in overnight trading.
Despite the encouraging news, bond prices reversed during Wednesday trading hours.
Because of a strong opening bid for MBS, mortgage rates ended better than yesterday despite the midday sell-off.
Meanwhile, the Fed Minutes put further emphasis on this week’s inflation data, which kicks off with tomorrow’s PCE and is followed by Friday’s CPI.
Personal Consumption Expenditures (PCE) is The Fed’s preferred inflation gauge, so tomorrow could be another volatile day for bond markets.
Hopefully, the ceasefire holds and inflation remains subdued, so the gradual recovery in mortgage rates can continue.
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