Bond Market Update
Bond Market Update
Market Update
Friday, June 9, 2023
What's going on and why does it matter?
Mortgage bonds opened lower this morning but they are hovering near their 10-day moving average which has been operating as a floor of technical support. It will be interesting to see if they can bounce higher off that level as they did in yesterday's trading session. The economic calendar is quiet today although traders may continue to adjust their positions ahead of next week's Federal Reserve interest rate decision and monetary policy statement.
What should you do about it?
Watch and see if mortgage bonds can rebound toward their 30-day moving average, but be prepared to lock your rate if mortgage bonds make a convincing break below their 10-day moving average.
Economic Calendar
Economic reports that may impact mortgage rates this week:
| Date | Report | Period | Prior | Est. | Actual |
|---|---|---|---|---|---|
| Mon 5 Jun | Factory Orders | Apr | 0.9% | 0.8% | 0.4% |
| Mon 5 Jun | ISM Non-Mfg. PMI | May | 51.9 | 52.3 | 50.3 |
| Wed 7 Jun | International Trade $ | Apr | -64.2B | -75.2B | -74.6B |
| Thu 8 Jun | Initial Jobless Claims | week ending Jun 3 | 232k | 235k | 261k |