MBS Day Ahead: FOMC Minutes (What Are Those Again?)

Posted To: MBS Commentary

Today brings a calendar item that contains the letters "FOMC." That's typically a big deal. While it could also be a big deal today, the "FOMC Minutes" are more hit and miss when it comes to market movement. So what are the FOMC Minutes? It's common to mistake these as the "Fed Announcement," but the two are very different. The "announcement" is the Fed's official policy communication. With a couple hundred words, more formal verbiage, and a record of voting, this is the publication that would announce any change in the Fed Funds Rate or other tools/policies in the Fed's monetary arsenal. It's the final cut from significantly more footage. The FOMC MINUTES are that "more footage." Specifically, the minutes serve to recap…(read more)

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Source: Mortgage News Daily

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