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Risk Returns after Profit-Taking Thursday
With the Dow climbing for six consecutive days and breaking fresh 13-month highs, the 0.91% sell-off yesterday was prompted more by timely profit-taking rather than plunging sentiment. After a one-day break, investors are already back in buy-mode this morning, as all three indexes are looking modestly higher.rnrnThe question will be whether that confidence can last the morning. The trade balance is a never-too-pretty reminder of the nation’s growing debt, and consumer confidence is unlikely to surge with the unemployment rate hitting double-digits for the first time in 26 years just two weeks ago
Lack of Loan Production Offsets Slowing Fed MBS Purchases
The Federal Reserve today reported on their weekly purchases of agency mortgage-backed securities (MBS). In the four trading days between November 5 and November 11, the Federal Reserve purchased a total of $45.29 billion agency MBS. In those four days the Federal Reserve sold $31.79 billion agency MBS coupons (dollar rolls). The Fed's weekly net purchases totaled $13.50 billion.rn
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