MBS OPEN: Range Still Containing Price Action
Nov 20, 2009 at 3:17 am.
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Posted To: MBS Commentary
Recap of Yesterday… Housing Starts fell 10.6% in October to lowest level in six months. Led by a 6.8% decline in construction of single-family dwellings and 34.6% drop in multi-family starts. Building Permits, the more important, forward looking housing market indicator, fell by 0.2%. Not too bad considering the tax credit extension was still in limbo. HERE is commentary on the data Consumer Price Index (CPI): consumer level inflation rose 0.3% in October vs. +0.2% in September. Slightly above the market's expectations. When stripping out food and energy prices, core consumer prices were 0.2% higher in October, the same increase was seen in September. Year over year, core prices are up 1.7%. Fed President Bullard, who is not currently an FOMC voter but will be next year, caused a little…(read more)
Source:MBS OPEN: Range Still Containing Price Action
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