Market is coming back: Revised GDP
MBS are up +4/32 (FNMA 30-yr 3.0 at 101.08), around 4/32 higher than yesterday at this time. Favorable repricing took place yesterday. Early investors may have priced at lower levels.
This morning, first quarter GDP was revised lower from 0.2% to -0.7%, which was very close to the consensus. The Chicago PMI regional manufacturing index missed badly to the downside, dropping to 46.2, far below the consensus of 53.0. The Dow is down 50 points. Consumer Sentiment will be released at 10:00 et.
REMEMBER when this chart goes “UP” RATES go “DOWN”