MBS are now down 5 ticks (.16) on the day and 10 ticks (.31) from AM highs. Lenders who have not yet repriced for the worse are increasingly likely to be considering it.
10yr yields are ...
Still no drama, just slow losses throughout the day. MBS are now down 3 ticks (0.09) in total and a quarter point from AM highs. Most lenders could justify a negative reprice if you h...
Nothing dramatic is happening by any means, but MBS have trickled down to new lows for the day. 5.5 coupons are still up 1 tick (.03) but down 5 ticks (.16) from the highs. Lenders wh...
Granted, we were by no means looking for big things from this morning's Durable Goods data, but somehow it still managed to underwhelm. That's not saying much for Durable Goods considering ...
After being up just over a quarter point at times, MBS are now up only 2 ticks (.06). That shift played out after 2pm today with bonds currently at their lowest prices since this morning.
...
Thursday morning brought the week's only arguably important economic data in the form of Jobless Claims and S&P's PMIs. Both have a decent track record of inspiring small but noticeable...
Jobless Claims
227k vs 242k f'cast, 242k prev
Continued Claims
1897k vs 1880k f'cast, 1869k prev
Bonds were moderately stronger overnight but are dialing back the g...
This is more of a heads-up than a true "alert." The morning's initial alert covered a sell-off that resulted in prices being even lower than they are right now. The only reason for a ...
For those of you who already feel like you fully understand the message in Tuesday's recap, the next few days and weeks might get a little repetitive, but the gravity of the message bears repeati...
Bonds began the day in weaker territory and have been losing ground gradually since the open. MBS are now down almost a quarter point on the day with almost an eighth of a point of losses i...
Bonds are still unchanged to slightly stronger on the day, but prices have been leaking to the lowest levels. MBS are down 5 ticks (.16) from the AM highs. Because those highs occurre...
Monday was frustrating for the bond market. It was a medium large sell-off that would have made more sense as a flat, forgettable Monday. The only thing remotely resembling a consensus on t...
First off, there's no great explanation for the extent to which bonds are losing ground this morning. These days happen occasionally. Sometimes an elusive market mover becomes clearer...
MBS are now down 3/8ths in 5.5 coupons and more than half a point in 5.0 coupons. 10yr yields are up 9bps to new highs of 4.168.
There are no overt market movers in play this morning, wh...
MBS just lost another 2 ticks (.06) on top of an already weak start, bringing the total loss to more than a quarter point on the day for 5.5 coupons and 3/8ths of a point for 5.0 coupons.
...
While the recent trend has been unpleasant for the bond market, at least it's logical. Apart from some uncertainty related to the election and forthcoming Fed meeting, data drives all (to b...
It's been a slow burn for bonds after this morning's stronger econ data, so this is more of a periodic update on the proliferation of damage than an "alert" in response to some new development.&n...
Ever since last Thursday's econ data failed to cause a stir in financial markets, we knew we'd be waiting until today for big, data-driven volatility potential. Volatility goes both ways de...
Philly Fed
10.3 vs 3.0 f'cast
Retail Sales
0.4 vs 0.3 f'cast
Jobless Claims
241k vs 260k f'cast
Bonds were already modestly weaker in the overnight se...
The market was hungry for data before the jobs report week and has been even hungrier since then. Unfortunately, there haven't been many compelling reports and, more importantly, no results...
Bonds moved into stronger territory over the 3 day weekend in a move largely attributed to de-escalation in the Middle East and the sharp drop in oil prices that followed. Oil and bonds are far f...
This is more of a heads up for those of you floating with lenders who'd previously repriced for the better when MBS hit highs earlier this afternoon. Those lenders are now seeing an eighth ...
When it comes to economic data with any real significance, today only offered two reports: PPI and Consumer Sentiment. Neither have an especially stunning pedigree of market movement capabi...
M/M Core PPI
0.2 vs 0.2 f'cast, 0.3 prev
Y/Y Core PPI
2.8 vs 2.7 f'cast, 2.4 prev
Bonds were already slightly weaker after a slow burn in the overnight session.&nbs...
BOSTIC: I’M OPEN TO NOT MOVING AT ONE OF THE LAST TWO MEETINGS IF THE DATA COMES IN AS I EXPECT - WSJ
BOSTIC: TOTALLY COMFORTABLE WITH SKIPPING A MEETING IF THE DATA SUGGESTS THAT’...
At first glance, it looks as if the bond market will make it through Thursday morning without being too worse for the wear. When the monthly core CPI reading flashed 0.1 higher than expecte...
Bonds have gradually backed away from the morning's neutral stance, perhaps with some pre-auction anxiety, or in response to Fed comments. 10yr yields are up 2bps at 4.099.
MBS are now d...
5.0 MBS are now down a full quarter point on the day and as much as 6 ticks (.19) from some lenders' rate sheet print times. Negative reprice risk is slightly higher now, but offset somewha...
MBS are now down 6 ticks (.19) on the day and nearly as much from the AM highs. Lenders who priced earlier in the day are seeing an eighth of a point of weakness. As such, the jumpies...
This week's economic calendar is choked with Fed speeches and most of them are happening today. Collectively, those will be more relevant than the release of the Minutes from the most recen...
Friday's NFP gave the bond market a solid whack, sending yields quickly higher. Momentum remained intact over the weekend and through Monday. Overseas markets were more willing to try...
Here's a repeat of the lock/float considerations posted on Friday after the jobs report: "Friday's strong jobs report and resulting bond market rout change the calculus for rate expectations unti...
Nothing new or interesting is happening in terms of data or headlines, but bonds are drifting to even lower lows. MBS are now down almost 5/8ths and the average lender is seeing more than a...
