Market Update

After taking a day off yesterday for the Columbus Day holiday, Mortgage Bonds are trading just above the 200-day Moving Average this morning. There are no economic reports set for release today; however, at 2 pm Eastern Time, the Fed will release the Minutes to the Sept 18th Meeting. This could be a market mover, as Traders scrutinize the Fed’s discussion about the state of the economy, inflation, and the rationale for cutting the Fed Funds Rate by .50%.
As long as the Bond can remain above the 200-Day Moving Average, I will recommend Floating.