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You are viewing Micro News from Tuesday, Mar 18, 2014 - View all recent Micro News
  • 3/18/14
    Positive Reprice Potential More Developed as MBS hit Highs

    Following earlier headlines regarding gunfire at a Ukrainian military installation in Crimea, bond markets continue to improve.  If this were the only market-mover in play, we'd expect to see equities markets reacting more than they are (which is: effectively not at all), but it was behind the pop that broke trading levels out of their narrower morning range.

    Fannie 4.0s are 5 ticks up on the day with at least an eighth of a point arriving since the earliest rate sheet print times.  Several lenders have already repriced and more may soon consider it as long as we merely hold current levels. 

    Category: MBS, UPDATE
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  • 3/18/14
    Bond Markets React to Headlines
    Headlines out of Ukraine indicating "shots fired" and "Ukrainian officer injured" have moved MBS to highs of the day. Currently, the 4.0 FNMA coupon is at 104-11, up 4 ticks from where many lenders issued rate sheets. Still early to expect any reprices better but not totally out of the question.
    Category: MBS, UPDATE
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  • 3/18/14
    Bond Markets Unchanged After Morning Data, Putin Parliament Speech

    Treasuries began the overnight session holding steady before moving on to lower yields with the help of weak economic data in Germany and slumping stocks in Asia.  The positivity carried 10yr yields to session lows by 7am when Putin began addressing Parliament on Crimea. 

    No sooner had Putin said "there will be three equal languages in Crimea; Russian, Ukrainian, and Crimean Tatar," and that relations with "brotherly Ukrainian people will always be of crucial importance to Russia" than bond markets quickly gave back all their gains.

    The speech went on to assert the legitimacy of the referendum and generally did more to soothe tensions than to incite further drama, despite a bit of tough talk aimed at US sanctions.  Even then, Putin was clear in saying he would never seek to spark confrontation with the West.

    The morning continues to be more about those headlines than the tepid domestic economic data.  Housing Starts numbers were very close to consensus, but did support the 'bouncing back from the weather' theme. CPI was a non-event as usual, but here are the details:

    Consumer Price Index

    • CPI +0.1 vs +0.1 forecast (both for 'headline' and 'Core')
    • Year-over-year Core CPI +1.6 vs +1.6 forecast

    Housing Starts

    • 907k Annual Rate vs 910k forecast (-0.2 vs -11.2 pct previously)
    • Building Permits 1018k unit rate vs 960k forecast
    • Single Family Permits were down 1.8 pct while multi-family were up 24.3 pct.

    Neither Treasuries or MBS have done much since the data came out.  Both continue to hover near unchanged levels, right in line with yesterday's weakest.

    Category: MBS, UPDATE
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  • 3/18/14

    Following earlier headlines regarding gunfire at a Ukrainian military installation in Crimea, bond markets continue to improve.  If this were the only market-mover in play, we'd expect to see equities markets reacting more than they are (which is: effectively not at all), but it was behind the pop that broke trading levels out of their narrower morning range.

    Fannie 4.0s are 5 ticks up on the day with at least an eighth of a point arriving since the earliest rate sheet print times.  Several lenders have already repriced and more may soon consider it as long as we merely hold current levels. 

    Category: MBS, UPDATE
    Share:   
  • 3/18/14
    Headlines out of Ukraine indicating "shots fired" and "Ukrainian officer injured" have moved MBS to highs of the day. Currently, the 4.0 FNMA coupon is at 104-11, up 4 ticks from where many lenders issued rate sheets. Still early to expect any reprices better but not totally out of the question.
    Category: MBS, UPDATE
    Share:   
  • 3/18/14

    Treasuries began the overnight session holding steady before moving on to lower yields with the help of weak economic data in Germany and slumping stocks in Asia.  The positivity carried 10yr yields to session lows by 7am when Putin began addressing Parliament on Crimea. 

    No sooner had Putin said "there will be three equal languages in Crimea; Russian, Ukrainian, and Crimean Tatar," and that relations with "brotherly Ukrainian people will always be of crucial importance to Russia" than bond markets quickly gave back all their gains.

    The speech went on to assert the legitimacy of the referendum and generally did more to soothe tensions than to incite further drama, despite a bit of tough talk aimed at US sanctions.  Even then, Putin was clear in saying he would never seek to spark confrontation with the West.

    The morning continues to be more about those headlines than the tepid domestic economic data.  Housing Starts numbers were very close to consensus, but did support the 'bouncing back from the weather' theme. CPI was a non-event as usual, but here are the details:

    Consumer Price Index

    • CPI +0.1 vs +0.1 forecast (both for 'headline' and 'Core')
    • Year-over-year Core CPI +1.6 vs +1.6 forecast

    Housing Starts

    • 907k Annual Rate vs 910k forecast (-0.2 vs -11.2 pct previously)
    • Building Permits 1018k unit rate vs 960k forecast
    • Single Family Permits were down 1.8 pct while multi-family were up 24.3 pct.

    Neither Treasuries or MBS have done much since the data came out.  Both continue to hover near unchanged levels, right in line with yesterday's weakest.

    Category: MBS, UPDATE
    Share:   
 
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