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Yesterday’s unveiling of the minutes from the last FOMC meeting showed that the majority of the members believe that the economic conditions justifying an increase in the Fed Funds Rate have not yet manifested themselves.

Jobless Claims are up 1.4%, Existing Home Sales are up 2%, the Shanghai Composite fell 4% yesterday, and the S&P is down about 1% this morning.  All that and mortgage bonds are flat.  I’ll take flat though after a 50bp jump yesterday.  That puts pricing back up to a quarterly high and right at a technical triple top.  I’d lock in your rate today.