<https://bondstreetmortgage.com/interpreting-the-impacts-a-deep-dive-into-mortgage-market-movements-on-july-9-2024/>
<http://schema.org/description>
"MBS Performance and Powell's Stance: Awaiting CPI Data This morning saw a slight revival in bond market activity compared to a near standstill yesterday. The volatility today was largely influenced by Federal Reserve Chair Jerome Powell's congressional testimony, which was more about what he didn't say than what he did. Specifically, Powell refrained from signaling any imminent rate cut, sticking instead to the \"data dependent\" narrative. This lack of dovish sentiment kept bonds from rallying. Despite this, trading levels reverted to pre-testimony positions by market close. The 10-year Treasury yield experienced a slight uptick, while MBS posted modest gains. This movement can partially be attributed to the yield curve, with short-term Treasuries performing better and MBS aligning more closely with the 5-year rather than the 10-year benchmarks. All eyes are now set on Thursday's CPI report for further direction in the bond market. Market Movement Recap 11:47 AM: The market opened modestly weaker overnight, with additional losses during Powell's testimony, mainly impacting Treasuries. The 10-year Treasury yield rose by 4.4 basis points to 4.324%, and MBS fell by 2 ticks (.06). 01:"
<https://bondstreetmortgage.com/interpreting-the-impacts-a-deep-dive-into-mortgage-market-movements-on-july-9-2024/>