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You are viewing Micro News from Friday, Dec 13, 2013 - View all recent Micro News
  • 12/13/13
    Sideways Grind Into Final Hours; Nothing Interesting Happening
    There continues to be very little to report as bond markets have stuck to the "exhaustion" script from this morning's commentary. Everything from yesterday morning has been a gigantic, narrow range-trade. The fact that Treasuries and MBS continue in their triangular trading patterns this afternoon is just more confirmation that they'd already given up by the time we first pointed out the triangle this morning.

    Even if trading levels deviate from this consolidative pattern, we wouldn't read any significance into that given the drop off in volume (both for the day as a whole, but especially after 12 noon). To reiterate, it's all about next Wednesday's FOMC.
    Category: MBS, UPDATE
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  • 12/13/13
    Nice Supportive Bounce in Treasuries; MBS Calming Down Now
    By way of an update to the last alert, MBS have bounced back a tick and a half after Treasuries put in a solid bounce at 2.88 for the second time today. There's a pretty good base of support underlying that in Treasury futures as well (from a technical standpoint), so the negative risk is dialed back just a bit.

    Fannie 4.0s are back up 1 tick on the day at 103-08. They'd fallen to 103-06 at their weakest levels just over 10 minutes ago. Activity is already slowing down for the day.
    Category: MBS, UPDATE
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  • 12/13/13
    If you're looking at the 2-day charts of Fannie 4.0s...
    MBS Updates are a service provided to MBS Live! subscribers only.
    Learn More | Start a Free Trial | View MBS Prices
    Category: MBS, alert
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  • 12/13/13
    Bond Markets Modestly Stronger into AM hours; Stalled Out for Now
    The overnight session was inconsequential for Treasuries with no trading ranges tested. Asian hours were stronger. European hours were weaker, and 10yr yields were unchanged at 730am.

    From there, bond began rallying as domestic trading picked up. Short-covering met with black-box buying at the 8:20 CME open. The algorithmic support continued through the inconsequential PPI numbers and was exhausted by 9am.

    10yr yields experienced all of the above as just under a 2bp drop and Fannie 4.0 MBS as a 6 tick gain. 10's are currently down 1.8bps at 2.859 and Fannie 4.0s are up 5 ticks at 103-12. There are no significant economic reports for the rest of the day.
    Category: MBS, UPDATE
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  • 12/13/13
    ECON: Producer Prices Slightly Weaker Than Expected; Core Prices on Target
    - PPI -0.1 vs 0.0 forecast
    - Core PPI +0.1 vs +0.1 forecast
    - Year over year Core CPI +1.3 vs +1.4 forecast
    - Market Reaction: Bond Markets were trending positively from 7am and PPI did nothing to change that.

    The Producer Price Index for finished goods edged down 0.1 percent in November, seasonally adjusted, the U.S. Bureau of Labor Statistics reported today. Prices for finished goods decreased 0.2 percent in October and 0.1 percent in September. At the earlier stages of processing, prices received by manufacturers of intermediate goods declined 0.5 percent, and the crude goods index fell 2.6 percent. On an unadjusted basis, prices for finished goods advanced 0.7 percent for the 12 months ended November 2013.
    Category: MBS, UPDATE
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  • 12/13/13
    There continues to be very little to report as bond markets have stuck to the "exhaustion" script from this morning's commentary. Everything from yesterday morning has been a gigantic, narrow range-trade. The fact that Treasuries and MBS continue in their triangular trading patterns this afternoon is just more confirmation that they'd already given up by the time we first pointed out the triangle this morning.

    Even if trading levels deviate from this consolidative pattern, we wouldn't read any significance into that given the drop off in volume (both for the day as a whole, but especially after 12 noon). To reiterate, it's all about next Wednesday's FOMC.
    Category: MBS, UPDATE
    Share:   
  • 12/13/13
    By way of an update to the last alert, MBS have bounced back a tick and a half after Treasuries put in a solid bounce at 2.88 for the second time today. There's a pretty good base of support underlying that in Treasury futures as well (from a technical standpoint), so the negative risk is dialed back just a bit.

    Fannie 4.0s are back up 1 tick on the day at 103-08. They'd fallen to 103-06 at their weakest levels just over 10 minutes ago. Activity is already slowing down for the day.
    Category: MBS, UPDATE
    Share:   
  • 12/13/13
    If you're looking at the 2-day charts of Fannie 4.0s...
    MBS Updates are a service provided to MBS Live! subscribers only.
    Learn More | Start a Free Trial | View MBS Prices
    Category: MBS, alert
    Share:   
  • 12/13/13
    The overnight session was inconsequential for Treasuries with no trading ranges tested. Asian hours were stronger. European hours were weaker, and 10yr yields were unchanged at 730am.

    From there, bond began rallying as domestic trading picked up. Short-covering met with black-box buying at the 8:20 CME open. The algorithmic support continued through the inconsequential PPI numbers and was exhausted by 9am.

    10yr yields experienced all of the above as just under a 2bp drop and Fannie 4.0 MBS as a 6 tick gain. 10's are currently down 1.8bps at 2.859 and Fannie 4.0s are up 5 ticks at 103-12. There are no significant economic reports for the rest of the day.
    Category: MBS, UPDATE
    Share:   
  • 12/13/13
    - PPI -0.1 vs 0.0 forecast
    - Core PPI +0.1 vs +0.1 forecast
    - Year over year Core CPI +1.3 vs +1.4 forecast
    - Market Reaction: Bond Markets were trending positively from 7am and PPI did nothing to change that.

    The Producer Price Index for finished goods edged down 0.1 percent in November, seasonally adjusted, the U.S. Bureau of Labor Statistics reported today. Prices for finished goods decreased 0.2 percent in October and 0.1 percent in September. At the earlier stages of processing, prices received by manufacturers of intermediate goods declined 0.5 percent, and the crude goods index fell 2.6 percent. On an unadjusted basis, prices for finished goods advanced 0.7 percent for the 12 months ended November 2013.
    Category: MBS, UPDATE
    Share:   
 
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