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You are viewing Micro News from Tuesday, Apr 15, 2014 - View all recent Micro News
  • 4/15/14
    This morning's flight-to-safety rally for bond...
    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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  • 4/15/14
    For lenders that repriced twice in response to today's...
    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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  • 4/15/14
    MBS Now Above Yesterday's Highs; Ongoing Positive Reprice Potential

    Ukraine, as a market mover, went from a distant memory yesterday to 'front and center' for most of today.  As global financial markets weigh the prospects of civil war--chiefly the involvement of larger nations like the US and Russia--bond markets have rallied strongly and stocks have sold-off.

    Treasuries, which benefit more from such flight-to-safety trading, had already broken below yesterday's low yields.  MBS have now joined them in breaking yesterday's best levels, though they continue to lag overall (which is normal in these cases). 

    Still, the incremental improvements make positive reprices incrementally more likely.  We're in a situation now where if you haven't seen a reprice yet, you almost certainly will.  Fannie 4.0s are up a quarter of a point at 104-20 and Fannie 3.5s are up 10/32nds at 101-16.

    Category: MBS, UPDATE
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  • 4/15/14
    Bond Markets Jump into Positive Territory

    After wallowing around in negative territory all morning, MBS and Treasuries have precipitously moved into the green.  Stock markets are taking part in the move as well.  The timing doesn't line up with any economic data or market events, and thus is assumed to be linked to headlines out of Ukraine.  To a lesser extent, news of a potential pipe bomb in Boston may have contributed to the flight-to-safety.

    At this point, however, the pipe bomb story looks to be resolved (though it was just making the rounds when the move began).  Ukraine headlines, however, are ongoing, and suggest at least a possibility of imminent violence.

    Fannie 4.0s are now up 3 ticks on the day at 104-16 and 10yr yields are down 1.6bps at 2.625. 

    Category: MBS, UPDATE
    Share:   
  • 4/15/14
    Bond Markets Holding Ground at Slightly Weaker Levels After Data

    There hasn't been a decisive move in MBS or Treasuries yet, following the 830am economic data.  If you had to assign a label, it's probably "sideways" for now.  The only downside is that bonds were slightly weaker overnight, confirming yesterday's late weakness in MBS.

    The losses haven't been extreme with Fannie 4.0s down only 2 ticks on the day.  10yr yields are up 1.6b3 ps at 2.655--under the 2.663 highs from earlier this morning.

    The economic data was a mixed bag with inflation being slightly hotter than forecast and the NY Fed Manufacturing numbers being weaker.

    CPI

    • +0.2 vs +0.1 forecast 
    • Core CPI (excludes food and energy) +0.2 vs +0.1 forecast
    • Year over year Core CPI +1.7 vs +1.6 forecast

    Markets looked like they might have been reacting to the traction in inflation data right at 8:30am, but perhaps the lackluster manufacturing data helped balance the outlook.

    Empire State Manufacturing

    • +1.29 in April vs +8.0 forecast, +5.61 in March
    • Employment Index +8.16 vs +5.88 in March
    • 6-Month Outlook +38.23 vs +33.21 in March

    The next data this morning will be the NAHB Housing Market Index at 10am.

    Category: MBS, UPDATE
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  • 4/15/14
    This morning's flight-to-safety rally for bond...
    MBS Updates are a service provided to MBS Live! subscribers only.
    Learn More | Start a Free Trial | View MBS Prices
    Category: MBS, alert
    Share:   
  • 4/15/14
    For lenders that repriced twice in response to today's...
    MBS Updates are a service provided to MBS Live! subscribers only.
    Learn More | Start a Free Trial | View MBS Prices
    Category: MBS, alert
    Share:   
  • 4/15/14

    Ukraine, as a market mover, went from a distant memory yesterday to 'front and center' for most of today.  As global financial markets weigh the prospects of civil war--chiefly the involvement of larger nations like the US and Russia--bond markets have rallied strongly and stocks have sold-off.

    Treasuries, which benefit more from such flight-to-safety trading, had already broken below yesterday's low yields.  MBS have now joined them in breaking yesterday's best levels, though they continue to lag overall (which is normal in these cases). 

    Still, the incremental improvements make positive reprices incrementally more likely.  We're in a situation now where if you haven't seen a reprice yet, you almost certainly will.  Fannie 4.0s are up a quarter of a point at 104-20 and Fannie 3.5s are up 10/32nds at 101-16.

    Category: MBS, UPDATE
    Share:   
  • 4/15/14

    After wallowing around in negative territory all morning, MBS and Treasuries have precipitously moved into the green.  Stock markets are taking part in the move as well.  The timing doesn't line up with any economic data or market events, and thus is assumed to be linked to headlines out of Ukraine.  To a lesser extent, news of a potential pipe bomb in Boston may have contributed to the flight-to-safety.

    At this point, however, the pipe bomb story looks to be resolved (though it was just making the rounds when the move began).  Ukraine headlines, however, are ongoing, and suggest at least a possibility of imminent violence.

    Fannie 4.0s are now up 3 ticks on the day at 104-16 and 10yr yields are down 1.6bps at 2.625. 

    Category: MBS, UPDATE
    Share:   
  • 4/15/14

    There hasn't been a decisive move in MBS or Treasuries yet, following the 830am economic data.  If you had to assign a label, it's probably "sideways" for now.  The only downside is that bonds were slightly weaker overnight, confirming yesterday's late weakness in MBS.

    The losses haven't been extreme with Fannie 4.0s down only 2 ticks on the day.  10yr yields are up 1.6b3 ps at 2.655--under the 2.663 highs from earlier this morning.

    The economic data was a mixed bag with inflation being slightly hotter than forecast and the NY Fed Manufacturing numbers being weaker.

    CPI

    • +0.2 vs +0.1 forecast 
    • Core CPI (excludes food and energy) +0.2 vs +0.1 forecast
    • Year over year Core CPI +1.7 vs +1.6 forecast

    Markets looked like they might have been reacting to the traction in inflation data right at 8:30am, but perhaps the lackluster manufacturing data helped balance the outlook.

    Empire State Manufacturing

    • +1.29 in April vs +8.0 forecast, +5.61 in March
    • Employment Index +8.16 vs +5.88 in March
    • 6-Month Outlook +38.23 vs +33.21 in March

    The next data this morning will be the NAHB Housing Market Index at 10am.

    Category: MBS, UPDATE
    Share:   
 
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