Phil Grossfield's Blog

Lookback.  Have you seen your Facebook Lookback Video?  I love these little 1-minute videos. So, I’m sharing mine with you.  Click below to see my lookback video.

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My Market Watch:  Bonds Up But Down From Earlier – Pricing Improved So Far – Fed Minutes Released.  The Fannie Mae 30-Year Bond is a direct indicator of rates/pricing…if bonds are being bought then rates improve and if sold off rates worsen.  Although the bond was up +20bps from yesterday’s close, the bond has been selling off and is only up +3bps right now. Because the bond has been selling Capital Markets might decide to issue a reprice worsening. If not, they are certainly watching closely. This might be a good time to lock in.

At 11:00a the Fed will release their minutes from the last Fed meeting. I’m expecting bonds to sell off after this meeting, but not too much. Why?  Because the topic of Quantitative Easing will be in there, and recent discussions about QE have been in favor of it.  Usually this results in traders putting money into stocks rather than bonds. Hey, I could be wrong…do your own research and please share it with me, okay?