Just a quick note before the day slips away.  Not much to report as both the 10 year note and mortgage backed securities waffle around, trading on both sides of unchanged.  Currently, the note is unchanged and MBS off 2/32’s.  As you can see from the calendar, tomorrow will be this week’s main event.  PPI, inflation at the wholesale level, Industrial Production/Capacity Utilization, NAHB Housing Index, and the one day FOMC meeting/announcement will all be in play.  For the record, the Fed (FOMC) is expected to leave everything the same, from interest rates to the policy statement at the 1:15 pm cst release.  CPI, inflation at the consumer level, will be Wednesday’s treat, along with New Residential Construction.  Thursday’s plate will feature Weekly Claims, Leading Economic Indicators, and the Philly Fed Index.  With trading volume starting to fall off a cliff, expecting the market to move much in any direction is possible but probably not in the cards.  Next week will be worse.

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