MBS Day Ahead: Busy Week Includes Lots of Housing Data, Treasury Auctions, and GDP

One of the biggest stories of the past 3 months has been the big miss in first quarter GDP followed by a big downward revision leaving growth at -1.0%. Wednesday brings the 3rd and final reading on Q1–now forecast to be down nearly 2.0%. While some of the initial weakness may be attributed to weather and additional weakness to changes in inventories, this big a move from the initial forecast (which was close to 0.0) is a big deal. Wednesday’s final reading will be closely watched

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