Bidenflation and The Fed’s counter-attack has caused considerable damage to the housing and mortgage markets.
Today, the University of Michigan consumer sentiment indices were released for September. Of note, buying conditions for houses remained in the tank.
As The Fed tightens, the entire range of Agency MBS TBA (to be announced) are under $100.
For example, the FNCL 2.5% TBA is now 84-17. And falling like a paralyzed falcon.
Here is Brainard with Fed Chair Jerome “Foul Owl” Powell, the dynamic duo of crashing markets.