Rate Update (5/26/2023)

With a long weekend ahead, the economic data has been light, however, the Bond Markets have not taken a day off. Mortgage bond prices continue to slip lower as negotiations for the debt ceiling remain ongoing. Both parties are signaling that talks are positive, and a deal will be reached in time, however with each passing moment yields are driven up as investors price in the increased risk of a default. Until this deal is reached it is hard to see how the pressure on Mortgage Bonds ease. With the June 1st deadline signaled by the treasury fast approaching, the pressure is mounting on negotiators to reach a deal. While there is no reason to believe lawmakers do not understand the significance of raising the debt ceiling and a deal will not be reached, stranger things have happened. Expect the downward pressure on Mortgage Bonds to continue until a deal is stuck.

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