MBS opened down 47bps and were 8bps lower when noted. Stocks rose 21 points. The Jackson Hole Summit next week will focus on China’s real estate decline and the US economy’s strength. Jerome Powell will speak on Friday. The main concern will be Western banks’ exposure to China’s real estate. Upcoming data includes home sales and consumer sentiment. The 10-year bond yield rose 36 basis points since July. The 2s/10s spread remains inverted, decreasing from -91 bps to -66 bps. Rates continue to rise, with no benefit to floating. The phrase “Higher for longer” remains true. The day ended with MBS down 33 bps and the S&P 500 up 33 points.