FNMA 5s over 10-year agencies; Dwarf 4.5s over 5-year agencies;Dwarf 4.5s over FNMA 5.5s; FNMA 6s over Dwarf 5.5s; FNMA 6.5 over 6s; Gold/FNMA 5.5 swap.
Trade Matrix: JP Morgan — MBS
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A federal judge ruled that the Trump administration's attempt last year to halt funding for the Consumer Financial Protection Bureau was unlawful and unconstitutional. Two other judges have issued similar decisions.
Last week's bond market turmoil continued leading up to the FOMC decision on Wednesday, pushing the 30-year fixed to near or over 7%, depending on the source.
Economists in a recent Bloomberg survey expected policymakers to hold their outlooks for unemployment and inflation largely unchanged.
His action after 10-year Treasury yields, his self-specified financial benchmark, rose above where they were before Trump returned to office, shows mounting worries in Washington.
Near-term expectations for price growth fell in the latest consumer sentiment survey from the Federal Reserve Bank of New York, but remains above the central bank's target across all time horizons.