Mortgage bonds opened lower this morning after experiencing steep losses in last week's trading session. Interest rates are starting to rise in response to the Fed's announcement last week that it would begin scaling back its massive bond-buying program later this year with a full exit expected by mid-2022. The economic calendar is quite full this week starting with durable goods orders which came out this morning much stronger than market expectations. The market will also be watching the news from Washington DC with the Senate expected to hold a vote this evening to fund the government through December 3, in addition to suspending the debt ceiling until the end of 2022. The Fed is scheduled to purchase up to $4.7 billion of mortgage bonds today.

Date	Report	Period	Prior	Est.	Actual
Mon 27 Sep	Durable Goods	Aug	-0.1%	0.7%	1.8%
Tue 28 Sep	Consumer Confidence	Sep	113.8	114.5
Wed 29 Sep	Pending Home Sales Change	Aug	-1.8%	1.3%
Thu 30 Sep	GDP final	Q2 2021	6.6%	6.6%
Thu 30 Sep	Core PCE Prices final	Q2 2021	6.1%	6.1%
Thu 30 Sep	Initial Jobless Claims	Week ending Sep. 25	351k	328k
Thu 30 Sep	Chicago PMI	Sep	66.8	65.0
Fri 1 Oct	Personal Income	Aug	1.1%	0.3%
Fri 1 Oct	Core PCE Price Index	Aug	0.3%	0.2%
Fri 1 Oct	ISM Mfg. PMI	Sep	59.9	59.5
Fri 1 Oct	U of Mich. Consumer Sent.	Sep	71.0	71.0