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MBS Near Highs Through Rate Sheet Time
Posted to: Micro News
Monday, December 03, 2012 10:48 AM
After weaker-than-expected ISM Manufacturing PMI, bond markets continued a rally already underway since 9:40am. Treasury yields moved lower with stocks and MBS rose from 105-00 to 105-05.
In terms of the reprice outlook, this is probably not enough movement AND too soon in the day for all but one or two lenders to even be considering a positive reprice, let alone pulling the trigger. But if we continue to hold ground or improve from here, it might not take long.
More of an update though, that we're off the lows since the stock market open, helped along by a surprisingly "connected" reaction to econ data.
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