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You are viewing Micro News from Wednesday, Feb 26, 2014 - View all recent Micro News
  • 2/26/14
    Now we're seeing the gains that should result in...
    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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  • 2/26/14
    MBS Jump to Best Levels after 5yr Auction

    Bond markets have seen their biggest gains from a 5yr Treasury auction in recent memory.  That sounds more impressive than it is because 5yr auctions rarely have a discernible impact of more than 1-1.5bps in terms of 10yr yields.  But 10's are already down 2bps since auction time.  MBS are up 3/32nds. 

    As for the auction, demand was exceptionally strong.  The bid-to-cover was the highest since Sept 2012.  Additionally, the yield award was lower than the 1pm "when-issued" yield for the first time in 9 auctions.

    Positive reprices aren't out of the question for early pricing lenders, but keep in mind that we just now saw our first significant post-auction bounce in 5yr yields, so there's a chance the rally has run its course.

    Category: MBS, UPDATE
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  • 2/26/14
    MBS are still in positive territory on the day in terms...
    MBS Updates are a service provided to MBS Live! subscribers only.
    Learn More | Start a Free Trial | View MBS Prices
    Category: MBS, alert
    Share:   
  • 2/26/14
    Almost Comically-Better-Than-Expected Home Sales put Crimp in Rally

    New Home Sales

    • January Home Sales 468k vs 400k forecast
    • Highest since July 2008
    • December revised up to 427k from 414k
    • Northeast +73.7 pct, Midwest -17.2, South +10.4, West +11.0

    That is an absolutely gigantic beat, and although the data lines up with other regional readings in some regards, the overall movement was altogether opposite most of the Housing data we've seen for January.

    2014-2-26 New Home Sales

    Bond Markets had been rallying nicely and this data has clearly served as the turning point.  Stocks and bond yields both turned around and began heading higher after 10am.    10yr yields are still in positive territory on the day and MBS are still up 2 ticks in both 3.5s and 4.0s.

    Category: MBS, UPDATE
    Share:   
  • 2/26/14
    After Losing Ground Overnight, Bond Markets Bounce Back

    The overnight session held little of interest for bond markets.  Apart from the housekeeping trading in Treasury futures (moving from March to June coupons, aka "calendar roll trading") volume has been light.  The trading range was narrow and biased slightly toward weakness, but an incidental and inconsequential move higher in yield is to be expected if the overall consolidative range is to be maintained.

    As such, it wasn't too disconcerting to see yields a scant 1-2bps higher overnight.  Even then, 10's were holding their ground just under 2.72.  Most recently, wires started coming out regarding Russian military tests, and these may be driving a flight-to-safety (buy bonds, sell stocks) bid. 

    Europe is clearly leading the charge there with German Bunds surging to their best levels since Feb 5th.  Treasuries are clearly following.  It's not like there's anything more compelling to trade on the home front.

    That's resulted in Treasuries now breaking into positive territory.  10's are down half a bp to 2.695.  MBS are keeping pace with Fannie 4.0s and 3.5s both up 2/32nds from yesterday, and just now hitting yesterday's highest levels.

    Category: MBS, UPDATE
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  • 2/26/14
    Now we're seeing the gains that should result in...
    MBS Updates are a service provided to MBS Live! subscribers only.
    Learn More | Start a Free Trial | View MBS Prices
    Category: MBS, alert
    Share:   
  • 2/26/14

    Bond markets have seen their biggest gains from a 5yr Treasury auction in recent memory.  That sounds more impressive than it is because 5yr auctions rarely have a discernible impact of more than 1-1.5bps in terms of 10yr yields.  But 10's are already down 2bps since auction time.  MBS are up 3/32nds. 

    As for the auction, demand was exceptionally strong.  The bid-to-cover was the highest since Sept 2012.  Additionally, the yield award was lower than the 1pm "when-issued" yield for the first time in 9 auctions.

    Positive reprices aren't out of the question for early pricing lenders, but keep in mind that we just now saw our first significant post-auction bounce in 5yr yields, so there's a chance the rally has run its course.

    Category: MBS, UPDATE
    Share:   
  • 2/26/14
    MBS are still in positive territory on the day in terms...
    MBS Updates are a service provided to MBS Live! subscribers only.
    Learn More | Start a Free Trial | View MBS Prices
    Category: MBS, alert
    Share:   
  • 2/26/14

    New Home Sales

    • January Home Sales 468k vs 400k forecast
    • Highest since July 2008
    • December revised up to 427k from 414k
    • Northeast +73.7 pct, Midwest -17.2, South +10.4, West +11.0

    That is an absolutely gigantic beat, and although the data lines up with other regional readings in some regards, the overall movement was altogether opposite most of the Housing data we've seen for January.

    2014-2-26 New Home Sales

    Bond Markets had been rallying nicely and this data has clearly served as the turning point.  Stocks and bond yields both turned around and began heading higher after 10am.    10yr yields are still in positive territory on the day and MBS are still up 2 ticks in both 3.5s and 4.0s.

    Category: MBS, UPDATE
    Share:   
  • 2/26/14

    The overnight session held little of interest for bond markets.  Apart from the housekeeping trading in Treasury futures (moving from March to June coupons, aka "calendar roll trading") volume has been light.  The trading range was narrow and biased slightly toward weakness, but an incidental and inconsequential move higher in yield is to be expected if the overall consolidative range is to be maintained.

    As such, it wasn't too disconcerting to see yields a scant 1-2bps higher overnight.  Even then, 10's were holding their ground just under 2.72.  Most recently, wires started coming out regarding Russian military tests, and these may be driving a flight-to-safety (buy bonds, sell stocks) bid. 

    Europe is clearly leading the charge there with German Bunds surging to their best levels since Feb 5th.  Treasuries are clearly following.  It's not like there's anything more compelling to trade on the home front.

    That's resulted in Treasuries now breaking into positive territory.  10's are down half a bp to 2.695.  MBS are keeping pace with Fannie 4.0s and 3.5s both up 2/32nds from yesterday, and just now hitting yesterday's highest levels.

    Category: MBS, UPDATE
    Share:   
 
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