MBS Day Ahead: Tamer Inflation Makes Next Week’s Fed Less Scary
Today’s Consumer Price Index (CPI) was one of the only big ticket economic reports left before next week’s Fed announcement, and perhaps the only one that could have meaningfully impacted the Fed’s decision-making process. Granted, that would have taken a shockingly big number, but by coming in tamer than expected, today’s result removes any doubts.
Stocks and bonds did what stocks and bonds normally do when they receive an update that affects the Fed’s tapering outlook. The same sorts of trades can be seen after the jobs report 2 weeks ago, and Powell’s…
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