This morning mortgage bonds are trading lower after the rise over the last five days of 150 basis points.
Although there are no economic reports scheduled for today, the Fed will release their Minutes from their meeting of April 30th, something for the Traders to react to. At the April 30 meeting, rates were cut by .25% although not unanimous as some voted for no change. Also, as a result of the meeting, financial markets at the time believed that may be it for the rate cuts. So todays Minutes realeased may provide insight to possible future cuts, if any.
As far as Fed Funds Futures, it is reported that there is no chance of a rate cut at the June 25th meeting.
In other news, oil hit a record high of $130.47 per barrel. When will it stop?
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