Wednesday , 20 January 2021

MBS Day Ahead: Where Does Yesterday’s Fed Statement Leave Rates?

By Matthew Graham

Posted To: MBS Commentary

Where does yesterday’s FOMC Announcement leave us in terms of the rate outlook? The same place we were before the FOMC Announcement! The only thing it changed was our level of respect for the Fed. This one was a rare example among Fed statements in that there’s really not any way to argue that it was worthwhile or that it even represented defensible policy stances. In fact, it was almost like some sort of April Fool’s joke with respect to “considerable time.” You saw what happened with that, right?! It was quite something. Markets had been hung up for several months now about whether or not the FOMC Announcement would remove the Fed’s “considerable time” verbiage (used to refer to the time between the end of asset purchases and rate hikes). The Fed left it…(read more)

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