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Bond Markets Holding Ground at Slightly Weaker Levels After Data
Posted to: Micro News
Tuesday, April 15, 2014 8:51 AM

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There hasn't been a decisive move in MBS or Treasuries yet, following the 830am economic data.  If you had to assign a label, it's probably "sideways" for now.  The only downside is that bonds were slightly weaker overnight, confirming yesterday's late weakness in MBS.

The losses haven't been extreme with Fannie 4.0s down only 2 ticks on the day.  10yr yields are up 1.6b3 ps at 2.655--under the 2.663 highs from earlier this morning.

The economic data was a mixed bag with inflation being slightly hotter than forecast and the NY Fed Manufacturing numbers being weaker.

CPI

  • +0.2 vs +0.1 forecast 
  • Core CPI (excludes food and energy) +0.2 vs +0.1 forecast
  • Year over year Core CPI +1.7 vs +1.6 forecast

Markets looked like they might have been reacting to the traction in inflation data right at 8:30am, but perhaps the lackluster manufacturing data helped balance the outlook.

Empire State Manufacturing

  • +1.29 in April vs +8.0 forecast, +5.61 in March
  • Employment Index +8.16 vs +5.88 in March
  • 6-Month Outlook +38.23 vs +33.21 in March

The next data this morning will be the NAHB Housing Market Index at 10am.




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Mortgage Rates:
  • 30 Yr FRM 3.92%
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  • 15 Yr FRM 3.12%
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  • Jumbo 30 Year Fixed 3.76%
MBS Prices:
  • 30YR FNMA 4.5 108-22 (0-01)
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  • 30YR FNMA 5.0 110-30 (0-01)
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  • 30YR FNMA 5.5 111-27 (-0-03)
Recent Housing Data:
  • Mortgage Apps 4.93%
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  • Refinance Index 0.90%
  • |
  • FHFA Home Price Index 0.67%