MBS Day Ahead: FOMC Minutes Today! How’d That Sneak up on Us?

By Matthew Graham

Posted To: MBS Commentary

Think of all those times that we began discussing FOMC events days, weeks, and even months in advance. Indeed there may be no other greater market mover, on average, over the years. How then is today the first time this round of FOMC Minutes is coming up? It’s so simple! In fact, it wouldn’t even be coming up if I wasn’t interested in using the fact that it hasn’t yet come up as a piece of evidence for the shift in market focus! In other words, it hasn’t come up because Fed policy eventualities are boring compared to the high drama embroiling the Eurozone economy and monetary policy response. So the Fed’s going to hike around the middle of 2015… Who cares?! Short term rates are already well on their way toward accounting for said rate hike, and what’s the fallout…(read more)

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