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Modest Early Weakness
Modest Early Weakness
Think back to October 17th. MBS opened slightly weaker and ended the day down about an eighth of a point. That was the last time we had a weaker start, and there are some parallels to today. In both cases, the weakness was modest. In both cases, the previous session closed at the best levels in at least a month. In fact, yesterday's 5.0 MBS prices matched their best close in over a year. We can definitely forgive (and possibly even expect) a small pull-back after such a consistent rally. As discussed in yesterday's video, it was beginning to seem like a good moment for broader consolidation.
Losing some ground after opening stronger. MBS down 2 ticks (.06) and 10yr up 0.5bps at 3.974
Slow, Steady Gains Continue
| Time | Event | Period | Actual | Forecast | Prior |
|---|---|---|---|---|---|
| Wednesday, Oct 22 | |||||
| 7:00AM | Oct/17 Mortgage Market Index | Oct/17 | 316.2 | 317.2 | |
| 7:00AM | Oct/17 MBA Refi Index | Oct/17 | 1214.7 | 1168.0 | |
| 7:00AM | Oct/17 MBA Purchase Index | Oct/17 | 157.3 | 166.0 | |
| 10:30AM | Oct/17 Crude Oil Inventory (ml) | Oct/17 | -0.961M | 1.2M | 3.524M |
| 1:00PM | 20-Yr Bond Auction (bl) | 13 | |||
| Thursday, Oct 23 | |||||
| 8:30AM | Oct/11 Continued Claims (on hold, shutdown) (k) | Oct/11 | 1930K | ||
| 8:30AM | Oct/18 Jobless Claims (on hold, shutdown) (k) | Oct/18 | 223K | ||
| 10:00AM | Sep Exist. home sales % chg (%) | Sep | -0.2% | ||
| 10:00AM | Sep Existing home sales (ml) | Sep | 4.1M | 4M | |
| 1:00PM | 5-Yr Note Auction (bl) | 26 | |||
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