|This email was sent to you by:|
Harry Chriest |
Mortgage News Daily
Email alerts, such as this one, are a free service
provided by Mortgage News Daily. If you would like to receive an alert when important news breaks
please register to join our community
MBS Continue Coasting Sideways To Slightly Lower
Posted to: Micro News
Tuesday, January 08, 2013 3:23 PM
There are no material "cause and effect" relationships between news/data and the slight bias toward weakness seen in MBS since the 10am hour. That weakness may look more pronounced than it actually is, due to the narrowness of the trading range. Fannie 3.0s are only 2-3 ticks from their highs of the day, currently at 104-12.
The 1pm 3yr Treasury Note Auction proved to be as uneventful as ever, leaving the focus on tomorrow's 10yr Notes at the same time. Consumer Credit at 3pm, along with comments from Fed's Lacker were similarly uninspiring. This has left us in a perpetual sideways drift after putting in the best levels of the day during the Fed' scheduled buying earlier this morning. The MBS version of the drift has simply been slightly weaker than the Treasury version, but we're not currently seeing any price-based risks of negative reprices.
More from MND:
If you would like to opt-out of receiving email forwards from this person please click here to remove your email address.