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Daily Mortgage Stance

Mortgage Bonds are off their best levels as investors sit on their hands and await tomorrow’s FOMC monetary policy statement. This despite a mixed bag of economic data.

Retail Sales were weaker than expected in September while inflation at the wholesale level (Producer Price Index) remained tame. Consumer Confidence declined due to the fallout of the government shutdown and debt ceiling issues while the Case Shiller 20-city Index year-over-year showed solid gains.

Ahead of tomorrow’s FOMC statement, that is due out around 2:00pm ET, we are recommending to cautiously float. 

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