Wednesday 10/29 ... Back Already...

The selling hasn't quite abated in the manner one would hope.

5.5's just now fallen to 97-31+. If you haven't received rates yet today, no worries as we are still up 9+ ticks on the day. But if you received rates between 9 and 10 Eastern, there is a chance of a reprice for the worse even though we are so close to that time frame still. Keep in mind that we can, have, and will usually see significant volatility leading up to FOMC announcement. An .125 loss might be your price of admission to the float boat.

As always, we will navigate you through the FOMC statement implications in real time.