Working our way back to Powell 1hr 5 min Working our way back to Powell The last Fed meeting in June wasn’t a huge market mover in itself, but it paved the way for Powell to talk about points and for the markets to understand just how low the Fed rate hikes should be by another 50bp. Then when the data lined up with Powell’s warnings in late June, prices surged. That was two weeks ago. Last week offered a recovery after CPI and Bond data were content to remain in the sideways range that preceded all of the above. Exactly a week from now, we’ll hear from Powell again – hopefully letting us know that the Fed is seeing more of what it wants to see. Every now and then, the least surprising path for bonds will be “sideways in a narrow range.” Building Permits Housing Starting 10:37 AM Flat Losses Since 8:30 AM, Flattening Out Now. 10 years. 6 bits per second at 3.783. Mohammed bin Salman increased by 2 marks (.06). 03:03PM It emerged stronger, led by the long end of the yield curve. 10 years, down 4.7 basis points at 3,742. Mohammed bin Salman rose by one point. 04:54 PM Stable all afternoon. MBS rose 3 points (0.09). 10 years, 4 basis points at 3.75. Download our mobile app to get alerts on MBS Suspension, MBS Stream and Treasury Rates.