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Mortgage News Daily combines the expertise of some of the housing industry's leading minds with the power of social media to offer an always lively, constantly evolving web community. MND communicates breaking news, streams video, and provides expert opinion and commentary to a community of interested market professionals and curious consumers.MBS AFTERNOON: Testing Limits of Range
Heeeeeeeeeading into the 5 pm marking period...
The FN 4.0 is trading -0-04 at 99-09 yielding 4.084% and the FN 4.5 is bid -0-02 at 101-23 yielding 4.294%. The secondary market current coupon is 4.137%. The CC is +77/10yr TSY and +67/10yr swap. It has been a choppy day...
[Image or graph removed from email. View full article with images]
10s went out selling with most of the flows taking place early is the session within the 119-16 to 119-21 price range. This is where most of the trading volume was "accummulated" and "distributed". This is our 3.32 to 3.37 range. See chart below. Range intact, but we are testing it's lower limits as we head towards option expiration on Friday.
[Image or graph removed from email. View full article with images]
Lock Bias Still On....
Anyone see the changes to THIS?
Consistent with the continued evolution of the program's operation, the
New York Fed will begin in late November to use internal staff on
select days to execute the program's agency MBS purchases. From an
operational perspective, the New York Fed's trading approach will
replicate the one currently employed by the program's trading
investment manager, Wellington, although the New York Fed will be
trading in its own name. From a settlement perspective, the New York
Fed will continue to leverage the middle office settlement support of
Wellington for any trades executed by New York Fed staff. While the New
York Fed plans to continue to employ the services of outside investment
managers, the New York Fed anticipates that, through the balance of the
program, the trading days on which its own staff conducts the program's
purchasing activity will gradually increase relative to those trading
days on which Wellington executes the program's purchasing activity.
ps...am I being clear on my lock/float stance?
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This email was sent to you by:
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Mortgage News Daily
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Anonymous Anonymous |
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Message:
YOUR MESSAGE HERE
MBS AFTERNOON: Testing Limits of Range
Heeeeeeeeeading into the 5 pm marking period...
The FN 4.0 is trading -0-04 at 99-09 yielding 4.084% and the FN 4.5 is bid -0-02 at 101-23 yielding 4.294%. The secondary market current coupon is 4.137%. The CC is +77/10yr TSY and +67/10yr swap. It has been a choppy day...
10s went out selling with most of the flows taking place early is the session within the 119-16 to 119-21 price range. This is where most of the trading volume was "accummulated" and "distributed". This is our 3.32 to 3.37 range. See chart below. Range intact, but we are testing it's lower limits as we head towards option expiration on Friday.
Lock Bias Still On....
Anyone see the changes to THIS?
Consistent with the continued evolution of the program's operation, the
New York Fed will begin in late November to use internal staff on
select days to execute the program's agency MBS purchases. From an
operational perspective, the New York Fed's trading approach will
replicate the one currently employed by the program's trading
investment manager, Wellington, although the New York Fed will be
trading in its own name. From a settlement perspective, the New York
Fed will continue to leverage the middle office settlement support of
Wellington for any trades executed by New York Fed staff. While the New
York Fed plans to continue to employ the services of outside investment
managers, the New York Fed anticipates that, through the balance of the
program, the trading days on which its own staff conducts the program's
purchasing activity will gradually increase relative to those trading
days on which Wellington executes the program's purchasing activity.
ps...am I being clear on my lock/float stance?
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