The MBS market had a good run yesterday after opening with improved pricing and MBS prices continued to improve throughout the day. Mr. Rosengren, President of the Boston Fed, yesterday spoke out about the need for a gradual approach to the scale back of the Fed’s bond buying program and assured investors that “we’re starting to ease off the gas, but we’re nowhere near hitting the brakes yet.” Investors look to gain further insight into Fed policy when the FOMC minutes are released at 2:00 PM. The ADP Employment report was released at 8:15 this morning and the trend of strong economic indicators continues. Economists were expecting private payroll growth of 205,000 and the actual number came in at 238,000.
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