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You are viewing Micro News from Friday, May 2, 2014 - View all recent Micro News
  • 5/2/14
    While there is some linear cause and effect to lean...
    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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  • 5/2/14
    Utterly Shocking Resilience in Bond Markets

    This is turning out to be one of the most resilient bond market responses to a stronger NFP number, ever.  Despite a fairly massive 78k 'beat,' Fannie 4.0s are only down 5 ticks day over day, and well within yesterday's trading range at this point.  The bounce back from the first wave of selling has been fairly linear and drama-free as well.  Case in point:

    2014-5-2 MBS

    Treasuries are underperforming just a bit, but are still inching back into yesterday morning's range--currently up 5.25bps at 2.656.  If we consider that the longer-term range from February through now has been 2.6-2.8, being at 2.65+ after a big NFP beat is really quite something, and perhaps even reveals some underlying bond bullishness that was merely forced to cope with unexpectedly strong data.

    Category: MBS, UPDATE
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  • 5/2/14
    Nonfarm Payrolls 288k vs 210k Forecast; Bonds Tanking
    • April NFP 288k vs 210k forecast
    • March revised to 203k from 192, Feb revised to 222k from 197
    • Private Payrolls 273k vs 210k forecast
    • Unemployment Rate 6.3 pct, lowest since Sept 2008, 6.7pct forecast/previous

    As you might expect, this number is not good for bond markets, and so the range is likely to persist.  10yr yields shot immediately from 2.62 to 2.68--which is actually not that big of a move considering the data.  Fannie 4.0 MBS lost an immediate 3/8ths of a point and are currently down 13/32nds on the day at 104-18.

    More to follow as the market trades this out.

    Category: MBS, UPDATE
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  • 5/2/14
    While there is some linear cause and effect to lean...
    MBS Updates are a service provided to MBS Live! subscribers only.
    Learn More | Start a Free Trial | View MBS Prices
    Category: MBS, alert
    Share:   
  • 5/2/14

    This is turning out to be one of the most resilient bond market responses to a stronger NFP number, ever.  Despite a fairly massive 78k 'beat,' Fannie 4.0s are only down 5 ticks day over day, and well within yesterday's trading range at this point.  The bounce back from the first wave of selling has been fairly linear and drama-free as well.  Case in point:

    2014-5-2 MBS

    Treasuries are underperforming just a bit, but are still inching back into yesterday morning's range--currently up 5.25bps at 2.656.  If we consider that the longer-term range from February through now has been 2.6-2.8, being at 2.65+ after a big NFP beat is really quite something, and perhaps even reveals some underlying bond bullishness that was merely forced to cope with unexpectedly strong data.

    Category: MBS, UPDATE
    Share:   
  • 5/2/14
    • April NFP 288k vs 210k forecast
    • March revised to 203k from 192, Feb revised to 222k from 197
    • Private Payrolls 273k vs 210k forecast
    • Unemployment Rate 6.3 pct, lowest since Sept 2008, 6.7pct forecast/previous

    As you might expect, this number is not good for bond markets, and so the range is likely to persist.  10yr yields shot immediately from 2.62 to 2.68--which is actually not that big of a move considering the data.  Fannie 4.0 MBS lost an immediate 3/8ths of a point and are currently down 13/32nds on the day at 104-18.

    More to follow as the market trades this out.

    Category: MBS, UPDATE
    Share:   
 
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