Yes to the loan that unlocks the joy of home ownership.
Yes to the lending solution that meets every client’s unique needs and wants.
That’s why we dedicate our every resource to serve as your personal guide through the lending process, solving problems, building confidence. Aslan has access to every lending option leading to the purchase or refinance of a residential home loan.
This is more than work for us. It is our unique joy in this life to share our collective skill, creativity, and care to bring you and your family right to where you belong.
By now, we've already said quite a bit about this week's scarcity of scheduled events with the power to motivate meaningful changes in the bond market. With that being the case, one might be temp...
If yesterday was marked by incidental weakness, today is shaping up to be the opposite. In fact, yields and MBS prices are right in line with Friday's latest levels in early trading (now mo...
Bonds have been selling fairly steadily since 8:20am. MBS are now down 3 ticks on the day and an eighth of a point from some early lenders' rate sheet print times. As such, the jumpie...
Summertime trading conditions tend to amplify trading motivations that might otherwise get lost in the shuffle. This morning, it's been the opening bells (8:20am CME and 9:30am NYSE) that have re...
Bonds are wilting a bit heading into the PM hours. There's no specific catalyst, nor do we feel compelled to find one on a Friday afternoon. 10yr yields are now up 3.5bps on the day a...
Friday morning's highlight is the Retail Sales report which came in at a respectable 0.5 vs 0.5 headline. Core retail sales (excluding autos/gas/building materials) was even more respectable as i...
Export prices mm (Jul)
0.1% vs 0.1% f'cast, prev 0.5%
Import prices mm (Jul)
0.4% vs 0.0% f'cast, prev -0.1%
NY Fed Manufacturing (Aug)
11.90 vs 0.0 f'cast, prev ...
After working through the AM volatility, bonds have continued losing ground at modest pace. Losses are adding up now--not in the bigger picture, but in intraday terms. 10yr yields are up 4....
There's no question that today's Producer Price Index came in surprisingly hot. Both the headline and core numbers were 0.9% vs forecasts of 0.2%. The biggest impact came from "trade servic...
Core PPI
0.9 vs 0.2 f'cast, 0.0 prev
Annual Core PPI
3.7 vs 2.9 f'cast, 2.6 prev
This is an exceptionally large miss for inflation data and while PPI is not the sa...
Bonds rallied overnight, largely in concert with lower EU yields. Stable inflation in Germany and lower oil prices helped. But there was also a tailwind from Fed Funds Futures which saw a further...
Most of the post-CPI gains are now erased. In fact, 10yr yields are at new highs for the day, up 1.7bps at 4.301. This reaction is more in line with the internal components addressed ...
There's something for everyone in this morning's CPI data. The monthly headline was on target at 0.2 vs 0.2. Same story for the core at 0.3 vs 0.3. Bonds are just a hair stronger, but it's hard t...
July represents the core of the summertime lull in financial markets. June and August are typically part of the lull unless econ data is suggesting an imminent shift in Fed policy. Th...
Any week in early August (before anyone is back to school yet) classifies a "dog days of summer" type of week for the bond market. Movement is more random. Ranges are narrower. And major technica...
30yr auction
4.813 vs 4.792 f'cast
bid to cover 2.27x vs 2.38x avg
lowest bid to cover since Nov 2023
This was not the auction we were hoping for in order for bonds t...
The week's last hope for any signs of life from economic data has come and gone with this morning's Jobless Claims. To be fair, there was never really much of a chance for this particular d...
10yr yields just spiked from 4.22 to 4.25 and MBS are down a quick quarter point. Negative reprices are quickly becoming possible. More on the underlying motivations to follow.
We don't want to jinx it, but this is turning out to be an uncommonly calm week of trading compared to other post-jobs-report trading weeks. So far, it's on track to have the narrowest rang...
The ISM Services Index is/was easily this week's biggest ticket in terms of scheduled economic data. It was mostly OK for bonds with the growth-related components coming in slightly weaker. But t...
Trade Gap (Jun)
-60.2B vs -61.6B f'cast, prev -71.5B
S&P Global Composite PMI (Jul)
55.1 vs 54.6 f'cast, prev 52.9
S&P Global Services PMI (Jul)
55.7 vs 5...
The new week is less interesting than the previous week in terms of scheduled events with the only top tier data being Tuesday's ISM Non Manufacturing PMI. In addition, the Treasury auction cycle...
Bonds started out flat but were in the midst of a mini-rally that accelerated at the 8:20am CME open. We've been selling fairly steadily since 8:30am and MBS are now down just over an eight...
Non-farm payrolls came in at 73k vs 110k, which is a pretty good thing for the bond market in and of itself. But the bigger story is in the net revisions to the last 2 months. 139k reported...
Average earnings mm (Jul)
0.3% vs 0.3% f'cast, prev 0.2%
Non Farm Payrolls (Jul)
73K vs 110K f'cast, prev 147K (rev 14K)
Participation Rate (Jul)
62.2% vs prev 62...
Bonds continue to slide amid month-end positioning. MBS are now unchanged on the day and down 6 ticks (.19) from the highs. Lenders are increasingly likely to be considering negative ...
Below is a table that consolidates the results of various econ reports as well as NFP precedents that speak to the odds of NFP moving higher or lower in tomorrow's data. Credit for this concept a...
Month-end positioning contributed to some weakness in the past half hour with 10yr yields just hitting their highs (still down 2 bps at 4.355). MBS are still up 2 ticks (.06) on the day but...
While jobless claims and the Employment Cost Index can be market movers, today's biggest ticket in the 8:30am slot was the monthly PCE Price Index for June. Forecasters are generally more accurat...
In not so many words, bonds aren't getting the dovishness they were hoping for from Powell. MBS just gave up all of the day's rebound and are back down 5 ticks (.16) on the day and 6 t...
No Change to Rates
Bowman and Waller dissented (expected)
No major verbiage changes
Bonds were already recovering AM losses ahead of the Fed announcement and they haven't moved much a...
Although swings in net exports have affected continue to affect the data, recent indicators suggest that growth of economic activity has continued to expand at a solid pace. moderated in t...
A message from Nickolas Inhelder:
We Make Home Happen.™
Our goal is simple:
To help every family we serve get to “Yes.”
Yes to the loan that unlocks the joy of home ownership.
Yes to the lending solution that meets every client’s unique needs and wants.
That’s why we dedicate our every resource to serve as your personal guide through the lending process, solving problems, building confidence. Aslan has access to every lending option leading to the purchase or refinance of a residential home loan.
This is more than work for us. It is our unique joy in this life to share our collective skill, creativity, and care to bring you and your family right to where you belong.
