MBS RECAP: Not The Central Bank We Were Looking For (But We’ll Take It!) This week’s big to-do had been and continues to be tomorrow’s Fed announcement, press conference, and updated forecasts. The Fed’s European counterpart threw a bit of a curve ball today as Mario Draghi unleashed a barrage of bond-friendly comments overnight.
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So if we were to take a look at the Fed balance sheet we should see it growing by leaps and bounds over the past few years. Indeed that’s exactly what we see. The Fed’s balance sheet is now nearly $ 4 trillion in size, and every single one of the dollars represented by that $4 trillion number was literally printed, or mouse clicked into.
How central banks control the Supply of Money By Prableen Bajpai, CFA (ICFAI) If a nation’s economy were a human body, then its heart would be the central bank. And just as the heart works to pump life-giving blood throughout the body, the central bank pumps money into the economy to keep it healthy and growing.
In the article linked below, I explain what is happening with MBS – that they take 2-3 months to settle and that therefore the first declines wouldn’t even show up until sometime December, that they have very large weekly variations for reasons that I explain. and that what we need to look for are lower lows and lower highs of MBS.
First, let’s keep in mind that we are likely to get a new Fed Chair early next year, meaning lots of options are on the table as to what direction a new Chair would take. More importantly, by not providing more specific parameters as to where the Fed wants to take the balance sheet, I would not be surprised if the Fed were to reverse course.
Mortgage rates were slightly higher today. Europe will continue to slide until their central bank engages in US-style quantitative easing. Some see this happening in early 2015. In any event, we’re.
· In addition to a turnover in people, it’s not possible to know how the board members might react to a crisis like a recession or a major bank failure until it actually happens. Effects on Mortgages One area where it remains to be seen how things will play out is in the mortgage market.