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You are viewing Micro News from Tuesday, Apr 8, 2014 - View all recent Micro News
  • 4/8/14
    New Highs Following 3yr Auction (Not Necessarily Because of it); Positive Reprices

    The 3yr Treasury auction was a relative non-event, with demand very much in line with recent averages, and an awarded yield perfectly in line with the 1pm expectation. 

    This doesn't make much of a statement about the current momentum, or lack thereof.  Bond markets had been trending positively essentially all morning, and simply continue to do so following the auction.  MBS continue to outperform Treasuries, though the latter finally moved into positive territory.

    Several lenders have already repriced positively.  That's an ongoing possibility while current levels are held or improved upon.

    Category: MBS, UPDATE
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  • 4/8/14
    Bond Markets Weaker Overnight; MBS Back in the Green, but Remember the Roll

    With yet another session devoid of market-moving data or events, Treasuries and MBS are left to take their cues from other markets and from tradeflow considerations.  The overnight session was weaker after central banks in Japan and Europe were generally unenthusiastic about QE.  Japan was outright dismissive whereas the ECB simply noted that last week's news about a €1 trillion stimulus package was simply a matter of preparation with actual QE being undecided and not yet close to happening.

    There were no major market reactions to that central bank news, however.  It merely stands as a backdrop for the uneventful weakness.  10yr yields moved up from a 2.703 close to open just over 2.71 today.  Fannie 4.0s were only down 3 ticks at the open and are already back to unchanged.

    Keep in mind, that "unchanged" in MBS isn't exactly "unchanged" as the roll is after the close tonight.  That means the displayed prices on MBS will switch from April coupons to May.  That will make it look like prices have dropped though we're simply shifting our viewfinder to highlight the next bucket of MBS on the assembly line, which have always been trading at lower prices.

    Category: MBS, UPDATE
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  • 4/8/14

    The 3yr Treasury auction was a relative non-event, with demand very much in line with recent averages, and an awarded yield perfectly in line with the 1pm expectation. 

    This doesn't make much of a statement about the current momentum, or lack thereof.  Bond markets had been trending positively essentially all morning, and simply continue to do so following the auction.  MBS continue to outperform Treasuries, though the latter finally moved into positive territory.

    Several lenders have already repriced positively.  That's an ongoing possibility while current levels are held or improved upon.

    Category: MBS, UPDATE
    Share:   
  • 4/8/14

    With yet another session devoid of market-moving data or events, Treasuries and MBS are left to take their cues from other markets and from tradeflow considerations.  The overnight session was weaker after central banks in Japan and Europe were generally unenthusiastic about QE.  Japan was outright dismissive whereas the ECB simply noted that last week's news about a €1 trillion stimulus package was simply a matter of preparation with actual QE being undecided and not yet close to happening.

    There were no major market reactions to that central bank news, however.  It merely stands as a backdrop for the uneventful weakness.  10yr yields moved up from a 2.703 close to open just over 2.71 today.  Fannie 4.0s were only down 3 ticks at the open and are already back to unchanged.

    Keep in mind, that "unchanged" in MBS isn't exactly "unchanged" as the roll is after the close tonight.  That means the displayed prices on MBS will switch from April coupons to May.  That will make it look like prices have dropped though we're simply shifting our viewfinder to highlight the next bucket of MBS on the assembly line, which have always been trading at lower prices.

    Category: MBS, UPDATE
    Share:   
 
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