Home Value Forecasts; Non-QM and Non-Performing Loan Price Action; CMLA on FHFA OIG Report

In many ways, the current week will serve as a prelude to the following week, which is exceptionally packed with big-ticket events. From Wednesday to Friday (next week), we’ll get the first look at Q2 GDP, ADP Employment, the last Treasury auction of the week, an FOMC Announcement, ‘Month-End’ (which can increase bond market activity/volatility), and NFP Friday on August 1st. To whatever extent markets are willing to respond to economic data and monetary policy by then, it’s our best chance to witness a break from what has been a mostly sideways range.

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