Tuesday: New Home Sales, Fed Chair Powell Testimony, Richmond Fed Mfg

From Matthew Graham at Mortgage News Daily: MBS RECAP: Not a Bad Day, But We Need More Convincing

Rates have tried to convince us that the worst is over on several occasions in the past few months. First it was 1.18%, then 1.38%, and most recently 1.63% (all in terms of 10yr yields), but all of those would-be ceilings quickly gave way to more weakness. 1.75% is now singing the same tune. … [30 year fixed 3.43%]
emphasis added

• At 10:00 AM ET, New Home Sales for February from the Census Bureau. The consensus is for 885 thousand SAAR, down from 923 thousand in January.

• Also at 10:00 AM, Richmond Fed Survey of Manufacturing Activity for March.

• At 12:00 PM, Testimony, Fed Chair Powell, Coronavirus Aid, Relief, and Economic Security Act, Before the Committee on Financial Services, U.S. House of Representatives