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You are viewing Micro News from Monday, Feb 24, 2014 - View all recent Micro News
  • 2/24/14
    Reprice Risk Ebbs as Bonds Bounce Back, More MBS Outperformance

    A brief episode of early afternoon volatility has given MBS to continued turning the screws versus Treasuries.  Whereas 10's are now 2bps higher on the day, MBS are back to their -0-01 levels from an hour ago.  So that's nearly a full 0.01% of ground lost by 10's. 

    It's too soon to assume that this friendly little bounce back will be maintained, but at the moment, negative reprice risk is on hold as Fannie 3.5s and 4.0s are only 2 ticks off from rate sheet print times. 

    Category: MBS, UPDATE
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  • 2/24/14
    After bumping into a ceiling at 2.784 on numerous occasions...
    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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  • 2/24/14
    Yields Following Stocks Higher; 10's at Weakest Levels, but MBS Outperform

    MBS are hanging just a bit tougher than Treasuries at the moment as the latter just hit session highs.  Yields have been fairly well glued to stocks since cash trading opened at 9:30am.  That said, none of the moves are excessive.  For example, "up to 2.748 from 2.734 on Friday" seems a bit less dire than "weakest levels of the day."

    MBS are still a few ticks above their lows earlier this morning with both 4.0s and 3.5s down only 1 tick on the day.  In short, this isn't a reprice risk situation--just a heads up that 10's are bumping against their ceiling for the day.  If they break higher, MBS would probably do more to follow.

    Category: MBS, UPDATE
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  • 2/24/14
    Bond Markets Bouncing Back after Slightly Weaker Open

    Treasury yields traded in modestly lower territory for most of the overnight session, and even managed to hold gains in spite of stronger data out of Germany (which would typically have pulled yields higher in concert with German Bund yields).  On a negative note, 2.721 was prodded on several occasions and now suggests itself as a short term resistance level.  It would be a positive development if we manage to break lower than that today.

    Treasuries began losing some ground in the hour before the domestic open.  10's crossed 8am about 0.005% higher, and have recovered a bit since then.  MBS are still getting their sea legs about them but are similarly showing a bit of strength after opening weaker.   Fannie 4.0s actually just ticked up to +0-01.

    Today is the slowest of the week in terms of scheduled events.  Markit's version of Non-Manufacturing PMI just reported much weaker than expected, but there was no visible effect on trading levels.  If anything, the bias has been positive since about 8:30am, but the overall range is still narrow.

    Category: MBS, UPDATE
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  • 2/24/14

    A brief episode of early afternoon volatility has given MBS to continued turning the screws versus Treasuries.  Whereas 10's are now 2bps higher on the day, MBS are back to their -0-01 levels from an hour ago.  So that's nearly a full 0.01% of ground lost by 10's. 

    It's too soon to assume that this friendly little bounce back will be maintained, but at the moment, negative reprice risk is on hold as Fannie 3.5s and 4.0s are only 2 ticks off from rate sheet print times. 

    Category: MBS, UPDATE
    Share:   
  • 2/24/14
    After bumping into a ceiling at 2.784 on numerous occasions...
    MBS Updates are a service provided to MBS Live! subscribers only.
    Learn More | Start a Free Trial | View MBS Prices
    Category: MBS, alert
    Share:   
  • 2/24/14

    MBS are hanging just a bit tougher than Treasuries at the moment as the latter just hit session highs.  Yields have been fairly well glued to stocks since cash trading opened at 9:30am.  That said, none of the moves are excessive.  For example, "up to 2.748 from 2.734 on Friday" seems a bit less dire than "weakest levels of the day."

    MBS are still a few ticks above their lows earlier this morning with both 4.0s and 3.5s down only 1 tick on the day.  In short, this isn't a reprice risk situation--just a heads up that 10's are bumping against their ceiling for the day.  If they break higher, MBS would probably do more to follow.

    Category: MBS, UPDATE
    Share:   
  • 2/24/14

    Treasury yields traded in modestly lower territory for most of the overnight session, and even managed to hold gains in spite of stronger data out of Germany (which would typically have pulled yields higher in concert with German Bund yields).  On a negative note, 2.721 was prodded on several occasions and now suggests itself as a short term resistance level.  It would be a positive development if we manage to break lower than that today.

    Treasuries began losing some ground in the hour before the domestic open.  10's crossed 8am about 0.005% higher, and have recovered a bit since then.  MBS are still getting their sea legs about them but are similarly showing a bit of strength after opening weaker.   Fannie 4.0s actually just ticked up to +0-01.

    Today is the slowest of the week in terms of scheduled events.  Markit's version of Non-Manufacturing PMI just reported much weaker than expected, but there was no visible effect on trading levels.  If anything, the bias has been positive since about 8:30am, but the overall range is still narrow.

    Category: MBS, UPDATE
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