Register or Sign in        Email This Page     Link To This Page    
Visit MND at MBA in NYC!
33,877
# of User Comments
 

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 1 and 1 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 Improve Temporarily After Weak Consumer Spending Data
Posted to: Micro News
Friday, May 30, 2014 9:01 AM

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

Bond markets had a surprisingly decent overnight session, merely consolidating yesterday's losses at sideways, slightly higher levels.  10yr yields never went above 2.484 and have held under the important 2.47 level so far in the domestic session, but are RIGHT there at the moment (2.4679).  Similarly, MBS opened in line with yesterday's latest levels and have gone no lower.

The first move of the day was positive following a weaker-than-expected report on Consumer Spending.  Here are the details from the Incomes and Outlays data:

  • April spending -0.1 vs +0.2 forecast.  First decline since April 2013
  • April incomes +0.3 vs +0.3 forecast
  • Year-over-year PCE Price Index +1.6 vs +1.1 in March, biggest increase since Nov 2012
  • Inflation-adjusted consumer spending -0.3 vs +0.8 in March

Treasury yields fell to 2.452 after the data and MBS rallied to 103-01 in Fannie 3.5s.  Both have since moved back to the weaker levels of the morning, but haven't broken them.  The next major data is Chicago PMI at 9:45, but a big beat/miss can move markets noticeably at 9:42am (some market participants receive the data 3 minutes early).




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 3.92%
  • |
  • 15 Yr FRM 3.12%
  • |
  • Jumbo 30 Year Fixed 3.76%
MBS Prices:
  • 30YR FNMA 4.5 108-21 (0-00)
  • |
  • 30YR FNMA 5.0 110-29 (0-00)
  • |
  • 30YR FNMA 5.5 111-30 (0-02)
Recent Housing Data:
  • Mortgage Apps 4.93%
  • |
  • Refinance Index 0.90%
  • |
  • FHFA Home Price Index 0.67%