This will be a relatively busy week for economic data and scheduled events.  No single item stands out as an epic potential market mover, but the team effort looks solid.

At stake is the ongoing post-FOMC question: to bounce, or not to bounce.  Trading levels continue to operate near the levels seen before last week's much-anticipated FOMC Announcement. 

More importantly, those levels marked the culmination of an aggressive selling-spree leading up to the FOMC Announcement.  The two days that followed got us back to pre-FOMC levels, but we're still waiting to see if a broader bounce takes shape. 

A good line in the sand to watch is 2.555 in 10yr yields.  There were two good bounces there before the FOMC Announcement and overnight Treasury trading bounced at 2.553 during Asian hours.

2014-9-21 tsy

In addition to the economic calendar below, we'll also hear from numerous Fed speakers this week, with at least two speeches every day but Friday.  Then on Friday, the final revision of Q2 GDP comes in as the weeks biggest piece of economic data. 


MBS Pricing Snapshot
Pricing shown below is delayed, please note the timestamp at the bottom. Real time pricing is available via MBS Live.
MBS
FNMA 3.0
98-06 : +0-03
FNMA 3.5
101-28 : +0-03
FNMA 4.0
105-02 : +0-00
Treasuries
2 YR
0.5610 : -0.0120
10 YR
2.5730 : -0.0140
30 YR
3.2850 : -0.0150
Pricing as of 9/22/14 7:30AMEST

Tomorrow's Economic Calendar
Time Event Period Forecast Prior
Monday, Sep 22
10:00 Existing home sales (ml)* Aug 5.20 5.15
Tuesday, Sep 23
9:00 Monthly Home Price mm (%) Jul 0.4
13:00 2-Yr Note Auction (bl)* 29
Wednesday, Sep 24
7:00 Mortgage Market Index w/e 352.9
10:00 New home sales-units mm (ml)* Aug 0.430 0.412
13:00 5-Yr Note Auction (bl)* 35
Thursday, Sep 25
8:30 Durable goods (%)* Aug -18.0 22.6
8:30 Initial Jobless Claims (k)* w/e 300 280
13:00 7-Yr Note Auction (bl)* 29
Friday, Sep 26
8:30 GDP Final (%)* Q2-Final 4.6 4.2