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Today's market Commentary
May 22, 2013

Commentary & News
10:45 am ET Update

Mortgage bond prices have fallen 15/32 in the last 10 minutes of trade. The volatility is tied to Testimony from Fed Head Bernanke. His comments were dovish as expected however we are experiencing a Wall Street phenomenon, â??buy the rumor, sell the newsâ??. Buying interest yesterday and this morning pushed rates lower, however as the news played out seller emerged causing rates to backup. Expect more volatility today.

Existing home sales printed at 4.97M, near expectations

At the 10:00 am ET price point Federal Reserve Chairman Ben Bernanke stated his discussion on the economy in front of the congressional Joint Economic Committee. This afternoon the minutes from the last Fed meeting will be released.

The Federal Reserve has stated numerous times they are looking at the labor market for a sign of when to reduce accommodations (QEâ??s). Traders believe they will act before the improvements are printed, thus the game of â??Guess The Fedâ??. In Mr. Bernankeâ??s testimony this morning he will not drop a â??tape bombâ?? (says something that causes UNINTENDED volatility), he is too good for that. However the minutes from the last Fed meeting may cause prices to move. Prepare yourself for what could be an interesting day.













Event Calendar:
Wednesday, May 22, 2013
Existing Home Sales @ 10:00 am ET

Wednesday, May 22, 2013
Fed Minutes @ 2:00 pm ET

Thursday, May 23, 2013
Weekly Jobless Claims @ 8:30 am ET

Thursday, May 23, 2013
New Home Sales @ 10:00 am ET

Thursday, May 23, 2013
10-year Treasury TIPS Auction @ 1:15 pm et

Friday, May 24, 2013
Durable Goods Orders @ 8:30 am ET