It was nearly impossible to avoid news regarding the debt ceiling this week, but how much does it actually matter?
Source: Kevin Litwicki MBSLIVE
Do Rates Care About Debt Ceiling?

The debt ceiling debate is all over the news, but it’s a different ceiling is commanding more of the bond market’s attention.
Source: Kevin Litwicki MBSLIVE
All About Ceilings

Scroll down far enough on the list of Webster’s definitions of the word “consolidate,” and you’ll find “to form together into a compact mass.” Financial markets appropriated that definition long ago and have been using it to refer to the condensed mass of prices, yields, or whatever else is being measured on a chart.
Source: Kevin Litwicki MBSLIVE
Hi, My Name is Consolidation, And I Can Explain Everything

The first week of any given month tends to have the highest concentration of economic data with the power to influence the bond market, and thus interest rates. This week was no exception.
Source: Kevin Litwicki MBSLIVE
Plenty of Movement, Not Much Progress; More Volatility Ahead