There is very little economic data this week but this morning at 7:00 AM we did get MBA Purchase Applications which showed the purchase index down 4.0% week over week and refinance up 10%. No other data is coming out today and investors remained focused on next week’s FOMC meeting. Treasuries fell over night for the second day in a row and MBS markets have opened slightly down with expectations that the Fed will continue to taper off their purchase of bonds. The World Economic Forum kicked off today in Davos and will continue till Saturday with a wide variety of guest speakers scheduled.
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