Yesterday morning MBS markets opened down from their close on Friday and continued to slip further throughout the day. The PMI Manufacturing Index came in slightly better than economist had expected just before 9:00 AM and then at 10:00 AM the ISM Manufacturing Index was released. The report came in much strong then expected as manufacturing turned in its best month in over 2 years. The strong numbers continued to fuel speculation that the Fed could taper its bond buying program as early as December. Today’s economic news is light as we gear up for a busy rest of the week with several key reports due to be released before the end of the week.
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