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Mortgage Rates Rise After Inflation Data, But it Could Have Been Worse

Mortgage Rates Rise After Inflation Data, But it Could Have Been Worse

Volatility After CPI, But Only Moderate Weakness Heading into the 4pm hour, MBS are only down 6 ticks (.19) and 10yr yields are only up 6bps, trading just under 4.16.  That means the bond market is hanging on to all of the gains seen from the recent highs through last Tuesday--not a bad showing considering Core CPI came in a 0.4% for the 2nd month in a row (or that 10yr yields shot up to 4.3+ when that previous CPI report came out).  In addition to rounding considerations (0.4 was really only 0.358), the details also showed a welcome drop in the problematic OER from 0.6 to 0.4.  These factors helped bonds temporarily break even earlier thi
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