Calmly Holding in Super Strong Territory
Calmly Holding in Super Strong Territory
MBS may not be quite as high as they were yesterday, but in the bigger picture, today's levels are right in line with the best we've seen in more than 3 years. More importantly, mortgage rates are verifiably at the best levels in more than 3 years. There was no major volatility or any remarkable econ data. Tomorrow's calendar is similarly quiet. Stock/bond correlations broke down in the afternoon, but as bonds search for any sources of guidance, that correlation could certainly return if stocks are making bigger moves.
Mostly flat overnight and not much movement so far. MBS down 1 tick (.03) and 10yr up 0.8bps at 4.04
Modest recover after AM weakness. MBS down 1 tick (.03) again after being down 3 ticks (.09) at 10am. 10yr down 0.3bps at 4.030
Losing ground modestly into PM. MBS down 2 ticks (.06) and 10yr up half a bp at 4.038
Calmly Holding in Super Strong Territory
| Time | Event | Period | Actual | Forecast | Prior |
|---|---|---|---|---|---|
| Tuesday, Feb 24 | |||||
| 8:00AM | Fed Golsbee Speech | ||||
| 8:15AM | ADP Employment Change Weekly | 12.75K | 10.25K | ||
| 9:00AM | Dec FHFA Home Price Index m/m (%) | Dec | 0.1% | 0.3% | 0.6% |
| 9:00AM | Dec CaseShiller 20 mm nsa (%) | Dec | -0.1% | 0% | |
| 9:00AM | Dec FHFA Home Prices y/y (%) | Dec | 1.8% | 1.9% | |
| 9:00AM | Dec Case Shiller Home Prices-20 y/y (% ) | Dec | 1.4% | 1.4% | 1.4% |
| 9:00AM | Fed Bostic Speech | ||||
| 9:00AM | Fed Collins Speech | ||||
| 9:15AM | Fed Waller Speech | ||||
| 9:30AM | Fed Cook Speech | ||||
| 10:00AM | Feb CB Consumer Confidence (%) | Feb | 91.2 | 87 | 84.5 |
| 1:00PM | 2-Yr Note Auction (bl) | 69 | |||
| 3:15PM | Fed Barkin Speech | ||||
| 3:15PM | Fed Collins Speech | ||||
| 9:00PM | President Trump State of the Union Speech (%) | ||||
| Wednesday, Feb 25 | |||||
| 7:00AM | Feb/20 MBA Purchase Index | Feb/20 | 157.1 | ||
| 7:00AM | Feb/20 MBA Refi Index | Feb/20 | 1375.9 | ||
| 7:00AM | Feb/20 Mortgage Market Index | Feb/20 | 339.0 | ||
| 9:35AM | Fed Barkin Speech | ||||
| 10:30AM | Feb/20 Crude Oil Inventory (ml) | Feb/20 | -9.014M | ||
| 11:30AM | 2-Yr Note Auction (bl) | 28 | |||
| 11:30AM | 2-Year FRN Auction (%) | 0.099% | |||
| 1:00PM | 5-Yr Note Auction (bl) | 70 | |||
| 1:20PM | Fed Musalem Speech | ||||
