Mortgage Newsletters and Market Analysis 2022-10-21 04:00:00

Mortgage Newsletters and Market Analysis 2022-10-21 04:00:00

Crazy, Scary Morning Gives Way to Moderate Gains The bond market gamed the Fed today, and won (i.e. the long end sold until the short end priced in lower rate hike odds). OK, perhaps it's not quite that simple, but it's not too much more complicated. The only potentially complicating factor would be the unknown extent of Japan's participation.  We know the Bank of Japan (BOJ) bought Yen aggressively enough that it could not have been done without selling USD-denominated assets, such as the massive stockpile of Treasuries it owns, but there's uncertainty as to how much of that could have been drawn from the Fed's RRP facility.