Posted To: MBS CommentaryLLPA Impact vs Powell Speech. Time to Lock? Much has been made (by news media… not bond market participants) of Powell’s Jackson Hole (virtual) speech on Thursday. After all, a rethink of the Fed’s “framework” sounds like a big deal, right? The only catch is that they’ve been talking about that for years. Powell will have a tough time surprising the market tomorrow, even though anything’s possible. Meanwhile, the removal of the recently-added LLPA is an actual and massively important consideration for loan pricing, locking, and floating. Econ Data / Events 20min of Fed 30yr UMBS Buying 10am, 1130am (M-F) and 1pm (T-Th) Durable Goods 11.2 vs 4.3 f’cast, 7.7 prev Cap-ex (excludes defense/aircraft) 1.9 vs 1.9 f’cast, 4.3 prev 5yr auction: reasonably strong …(read more)Forward this article via email:  Send a copy of this story to someone you know that may want to read it.