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Bond Markets Weaker Despite Consumer Sentiment Miss; Reprice Risk Increasing
Posted to: Micro News
Friday, March 28, 2014 10:07 AM

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Despite Consumer Sentiment data coming in slightly weaker than expected, stocks have moved up aggressively at the expense of bonds.  This is a mirror image of some of yesterday's moves and the connection between bond yields and stock prices is a common theme into the end of the quarter (technically Monday, but much of the quarter-end trading will have happened this week).

Fannie 5.0s are down 2 ticks on the day, but 3 of those have come since the earliest rate sheet print times--almost enough for a negative reprice.  Fannie 3.5s have shed a full eighth of a point since rate sheet times.  This puts us right on the edge of negative reprice risk, where a bounce might alleviate it, but another tick or two of weakness makes reprices more likely.

Bottom line, a reprice or two can't be ruled out at current levels, but they'd be the exception at this point.




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