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You are viewing Micro News from Friday, Apr 25, 2014 - View all recent Micro News
  • 4/25/14
    Bond Markets Sparkle and Fade; Afternoon Outlook is Cloudy

    Sometimes clouds mean rain is on the way, and sometimes they burn off resulting in a surprisingly sunny afternoon.  Even if it rains this afternoon (i.e. "if MBS keep falling"), the morning has been positive enough and that positivity has lasted long enough to consider the day a success. 

    Bond markets were slightly stronger overnight on another combination of sliding stocks and Ukraine tension.  Early month-end buying (what's this?) is also a consideration, though probably not a big one.

    Stock prices and bond yields bottomed-out just after 11am and are still in the process of making their most meaningful correction of the session.  Even then, stocks remain in negative territory, 10yr yields are still 2.75bps lower and MBS are still 3-4 ticks in the green.

    Fannie 4.0s were up to 104-21 at their best levels of the day, but are currently at 104-17.  Falling to these levels is not enough for much negative reprice risk, but the gains that remain intact aren't enough for any positive reprice potential either.

    Category: MBS, UPDATE
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  • 4/25/14
    Bond Markets Holding Overnight Gains Ahead of Consumer Sentiment

    The overnight session was largely uneventful for bond markets, which merely drifted gently into stronger territory.  There were no major economic events but markets are on the defensive against "headline risk" (the prospects for geopolitical turmoil to create news that causes a quick flight to or from safety in financial markets).

    One of the headlines concerned a potentially hijacked Australian plane that was forced to land at the wrong airport.  This turned out to be merely a drunk guy.  C'est la vie.

    The bigger headline from around the  same time was an assertion by a Ukrainian presidential aide that any Russian forces that come into the country will be regarded as an invasion and the "attackers" will be destroyed.

    10yr yields opened just slightly lower and currently trade 2.6 bps lower at 2.662.  Bonds and stocks are still fairly well connected.  MBS opened stronger and are up 5 ticks at the moment to 104-18 in Fannie 4.0s  Consumer Sentiment is coming up in 7 minutes.

    Category: MBS, UPDATE
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  • 4/25/14

    Sometimes clouds mean rain is on the way, and sometimes they burn off resulting in a surprisingly sunny afternoon.  Even if it rains this afternoon (i.e. "if MBS keep falling"), the morning has been positive enough and that positivity has lasted long enough to consider the day a success. 

    Bond markets were slightly stronger overnight on another combination of sliding stocks and Ukraine tension.  Early month-end buying (what's this?) is also a consideration, though probably not a big one.

    Stock prices and bond yields bottomed-out just after 11am and are still in the process of making their most meaningful correction of the session.  Even then, stocks remain in negative territory, 10yr yields are still 2.75bps lower and MBS are still 3-4 ticks in the green.

    Fannie 4.0s were up to 104-21 at their best levels of the day, but are currently at 104-17.  Falling to these levels is not enough for much negative reprice risk, but the gains that remain intact aren't enough for any positive reprice potential either.

    Category: MBS, UPDATE
    Share:   
  • 4/25/14

    The overnight session was largely uneventful for bond markets, which merely drifted gently into stronger territory.  There were no major economic events but markets are on the defensive against "headline risk" (the prospects for geopolitical turmoil to create news that causes a quick flight to or from safety in financial markets).

    One of the headlines concerned a potentially hijacked Australian plane that was forced to land at the wrong airport.  This turned out to be merely a drunk guy.  C'est la vie.

    The bigger headline from around the  same time was an assertion by a Ukrainian presidential aide that any Russian forces that come into the country will be regarded as an invasion and the "attackers" will be destroyed.

    10yr yields opened just slightly lower and currently trade 2.6 bps lower at 2.662.  Bonds and stocks are still fairly well connected.  MBS opened stronger and are up 5 ticks at the moment to 104-18 in Fannie 4.0s  Consumer Sentiment is coming up in 7 minutes.

    Category: MBS, UPDATE
    Share:   
 
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