Register or Sign in        Email This Page     Link To This Page    
Visit MND at MBA in NYC!
28,899
# of Forum Posts
 

Send Article via Email

REGISTERED USERS (Free!):
Can forward to 6 email addresses at a time. Register or Login

Registered users also get the additional advantage of Co-branded Emails and Landing Pages. Learn more about these features.

Your Name: 
Your Email: 
I want to forward this to
(Enter Email Address Below) :
Include a Personal Message (optional)

Please add 6 and 5 and type the answer here:
Leave this field blank.
Email Preview Below:
This feature is now 100% free. Learn More About Co-branded Email and our other Co-branded Services.
 
This email was sent to you by:
Harry Chriest |
Mortgage News Daily

Message:   YOUR MESSAGE HERE
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.
Bond Markets Hold Overnight Gains After Morning Data
Posted to: Micro News
Friday, January 31, 2014 9:25 AM

Forward this email:  Send a copy of this story to someone you know that may want to read it.

After weakening microscopically for the first few hours of the overnight session, bond markets were soon left with only reasons to rally.  Asian markets took off in bond-friendly directions as equities sold (talk of Japanese fund managers reducing exposure to stocks both foreign and domestic)  and the Yen soaked up more safe-haven demand. 

The European session was supportive as well with lower than expected inflation in the Eurozone and weak Retail Sales in Germany.  Add to that an average amount of month-end extension buying (fund managers increasing the duration of bond portfolios, which is both typical and generally positive for bond markets in such a way that indirectly benefits MBS) and it has made for a green morning domestically.

The Incomes and Outlays report at 8:30am did little to change that, despite spending coming in a bit better than forecast.  Here's the run-down:

Incomes and Outlays

  • Spending +0.4 vs +0.2 forecast
  • Income +0.0 vs +0.2 forecast 
  • PCE Price Index +0.1 vs +0.1 forecast
  • Thoughts on Market Movement: There was perhaps a detectable amount of weakness following the data, but in  the context of this morning, it did more to help the gains level-off than to create any overt movement.
  • Full Release

The 1-2 punch from Chicago PMI and Consumer Sentiment coming up at 9:45am and 9:55am is more relevant by comparison.   Fannie 4.0s are only a tick off their highs of the morning, currently at 104-25 (+0-06)  while 10yr yields are down 3.6bps at 2.6585.




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.

Forward this email:  Send a copy of this story to someone you know that may want to read it.

 

More From MND

Mortgage Rates:
  • 30 Yr FRM 3.95%
  • |
  • 15 Yr FRM 3.13%
  • |
  • Jumbo 30 Year Fixed 3.90%
MBS Prices:
  • 30YR FNMA 4.5 108-06 (-0-03)
  • |
  • 30YR FNMA 5.0 110-20 (-0-01)
  • |
  • 30YR FNMA 5.5 111-20 (0-02)
Recent Housing Data:
  • Mortgage Apps 11.56%
  • |
  • Refinance Index 23.29%
  • |
  • FHFA Home Price Index 0.67%