| Last | Change | |
| S&P Futures | 2167.0 | -0.3 |
| Eurostoxx Index | 341.8 | 2.0 |
| Oil (WTI) | 43.5 | -0.7 |
| US dollar index | 88.1 | 0.2 |
| 10 Year Govt Bond Yield | 1.57% | |
| Current Coupon Fannie Mae TBA | 103.3 | |
| Current Coupon Ginnie Mae TBA | 104.2 | |
| 30 Year Fixed Rate Mortgage | 3.53 |
Stocks are flattish this morning on no real news. Bonds and MBS are flat as well.
The big event this week will be the FOMC meeting on Tuesday and Wednesday. The Fed will probably stand pat, however it will be interesting to see how Brexit is treated. The markets have become much more sanguine about the event and the Fed Funds futures have reacted accordingly.
The other thing to watch with the Fed is their stance on QE, and re-investing maturing proceeds back into the market. The Fed's buying has supported the mortgage market and their exit would cause mortgage rates to rise at the margin.
The Democratic National Convention opens today after a WikiLeaks document dump over the weekend. It shows the Clinton campaign coordinated with the DNC (which is supposed to be neutral) to undermine Bernie Sanders' campaign. It also showed how much the media gets its marching orders straight from the Democratic Party. Debbie Wasserstein-Schultz resigned from her position as head of the DNC and immediately joined the Clinton campaign. Protesters are gathering in 100 degree heat in the City of Brotherly Love.
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