Mortgage backed securities (mBS) closed up 3 basis points today at 98.56 having managed to remain above support offered by the 50 day moving average. MBS bonds traded in a tight range today as little new anguish appeared on the world stage. The Personal Consumpition Expenditure Index (PCE) was released today showing little inflation in the market place. Known as the PCE, this is the Fed's favorite measure of inflation beacuse as a partiuclarly commodity like apples goes up a consumer might by pears instead. This adaptablity shows a more realitic view of the market.
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