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You are viewing Micro News from Monday, Dec 9, 2013 - View all recent Micro News
  • 12/9/13
    Slight Pressure Building Into Afternoon; Reprice Risk at Bay
    Just a heads up that we're 4 ticks off the highs of the day in Fannie 4.0s, though only 2-3 ticks off rate sheet print time levels depending on the lender. That almost certainly precludes any price-based reprice risk unless we were to see another 2-3 ticks of weakness.

    Treasuries and MBS turned the corner together right after 12:30pm. The day's second round of Fed Treasury buying gave way to a bit of volatility heading into 2pm, and 10yr yields broke over 2.85. After a quick bounce, they've back up to 2.855 currently and Fannie 4.0s are down to 102-27 (still 2 ticks into positive territory on the day).

    Markets may be starting to think about Treasury supply coming up during the next three days and if 10yr yields break their highs, it could be one of those situations where MBS quickly follow. 10's are RIGHT THERE at the moment, so things could change quickly if yields rise any more.
    Category: MBS, UPDATE
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  • 12/9/13
    Bond Markets Moderately Stronger in Quiet Trading, Limited Calendar
    Treasuries were docile overnight. Volume was fairly light, as was motivation, with the most significant trading cues coming from the observation of other trades (rather than economic data and events). Slightly weaker German Industrial Production and Eurozone Investor Confidence perhaps had a mild positive effect, but that's a stretch.

    10yr yields began the night at 2.87 and worked their way down to 2.846 by the domestic open. Fannie 4.0s opened right in line with Friday's latest levels and are currently up 3 ticks at 103-28.

    There is no significant economic data on the calendar today with the only potentially relevant events being 3 Fed speeches at 12:50, 1:05, and 2:15pm. There are two instances of scheduled Treasury buybacks from the Fed (usually just one/day), and with the limited calendar, we could see some tradeflow motivation around the conclusion of these at 11am and 2pm.
    Category: MBS, UPDATE
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  • 12/9/13
    Just a heads up that we're 4 ticks off the highs of the day in Fannie 4.0s, though only 2-3 ticks off rate sheet print time levels depending on the lender. That almost certainly precludes any price-based reprice risk unless we were to see another 2-3 ticks of weakness.

    Treasuries and MBS turned the corner together right after 12:30pm. The day's second round of Fed Treasury buying gave way to a bit of volatility heading into 2pm, and 10yr yields broke over 2.85. After a quick bounce, they've back up to 2.855 currently and Fannie 4.0s are down to 102-27 (still 2 ticks into positive territory on the day).

    Markets may be starting to think about Treasury supply coming up during the next three days and if 10yr yields break their highs, it could be one of those situations where MBS quickly follow. 10's are RIGHT THERE at the moment, so things could change quickly if yields rise any more.
    Category: MBS, UPDATE
    Share:   
  • 12/9/13
    Treasuries were docile overnight. Volume was fairly light, as was motivation, with the most significant trading cues coming from the observation of other trades (rather than economic data and events). Slightly weaker German Industrial Production and Eurozone Investor Confidence perhaps had a mild positive effect, but that's a stretch.

    10yr yields began the night at 2.87 and worked their way down to 2.846 by the domestic open. Fannie 4.0s opened right in line with Friday's latest levels and are currently up 3 ticks at 103-28.

    There is no significant economic data on the calendar today with the only potentially relevant events being 3 Fed speeches at 12:50, 1:05, and 2:15pm. There are two instances of scheduled Treasury buybacks from the Fed (usually just one/day), and with the limited calendar, we could see some tradeflow motivation around the conclusion of these at 11am and 2pm.
    Category: MBS, UPDATE
    Share:   
 
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