Floating Bias

Markets opened relatively flat as CPI was in line with expectations and inflation continues to be in an acceptable range.  It appears the surprise White house meeting yesterday did not result in any type of agreement on the “Fiscal Cliff”.  John Boehner is reportedly heading back to his home state of Ohio, leaving most people to conclude that that no resolution was achieved.  At least if the Mayan calendar proves true, we won’t need to worry about the “Fiscal Cliff”…  Mortgage bonds are bouncing off of a level of support, which is likely due to Fed buying given the low ratings of this week’s bond auctions.  There is plenty of uncertainty in the short term for now, so we will continue with a cautiously floating bias as long as pricing stays above support.

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