Markets: Mortgage-backed securities are down 9bps, which is nothing. We were down 44 at one point today, but we’ve crawled back on the shocking news that most people think the economy is crap. Rates are still drifting down slowly. We’re in the low 5% range on most everything as long as you have good credit.
Analysis: What’s to analyze? It’s a holiday week. There are about 6 bond traders working, and all of them are taking off around noon. There’s no volume to speak of, and the volatility that usually accompanies light volume is being muted because all the economic data are conflicting with themselves. Yes, folks, “data” is a plural. No, really. Look it up.
P.S. Unless something truly wondrous occurs in the next couple days, you’ll next hear from me on Monday. Tomorrow is my birthday, Thursday is my son Crispin’s 13th birthday, and Saturday is some other birthday that I can’t remember. Has to do with barbecues, I think. But as always, if you have questions, I’ll be here.