Thursday, October 5, 2017 - Mid Day Update

Mortgage bond prices are getting hit hard this morning as investors prepare for a series of Fed speakers that some expect to deliver hawkish views on the future of interest rates. MBS is down -22 bps this morning as the 10-year benchmark yield has climbed to 2.35%.

The economic calendar is playing second fiddle to the Fed speeches today but nonetheless factory orders that came out this morning showed capital goods orders rose slightly more than expected, adding to market sentiment that the economy is in very strong condition and the time for hiking rates more aggressively is nearing.

Rate Sheet Impact: Worsening heading into the afternoon.

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