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Once More With Feeling? Yesterday's Patterns Already Repeating
Posted to: Micro News
Wednesday, January 16, 2013 10:20 AM

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Different day, same story... Bond markets stronger overnight, stocks weaker... Stocks correct in the AM, bond markets correct a bit less. Both fall again (bonds in yield, stocks in price) after the 8:30 data, bottom out and continue previous correction higher in yield for bonds, prices for stocks. All of the above is playing out similarly for MBS, on a somewhat smaller scale where Fannie 3.0s are only down a tick or two from the last update while Treasuries have shed 3-4 ticks.

Fannie 3's are still 1 tick in the green on the day at 104-13 while 10's are at their highest yields of the morning (still 1.75bps lower than y'day at 5pm) at 1.8185. Equities are at their highs as well with S&P futures now challenging yesterday's early afternoon ceiling near 1465 (roughly 1470 in cash).

Any of this pointing toward reprice risk? That seems like an awfully tall order for a mere 4 tick range in MBS. Not impossible for 1 particular lender to be considering it, but not likely for any others.

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