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Posted To: MBS Commentary

On a scale of 1-10, with 10 being the best case scenario for bond markets, today was 6 . It probably stood very little chance to be much more than a 7 or an 8, but a very real chance to be a 2-3. In other words, we dodged a bullet , but remain under fire. Retail Sales was quite a bit weaker than expected--notably affecting many firms' running estimates of GDP--and Jobless Claims offered no counterpoint, yet bond markets only managed modest improvements. Rates, for instance, didn't even make it back to Tuesday's levels. As far as consolation prizes go, it's better than a sharp stick in the eye, but in and of itself, isn't something we're likely to cherish for years to come. One counterpoint that makes things a bit less gloomy is the fact that the rally commenced despite...(read more)

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