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You are viewing Micro News from Monday, May 5, 2014 - View all recent Micro News
  • 5/5/14
    Sideways in a super narrow range. Where do we go now?

    Few days have been more sideways than today--at least since bond markets worked through their reaction to the 10am ISM data.  Then again, it's not really possible to be any more sideways when Fannie 4.0s and 3.5s are both holding inside a 2.5 tick range (5/64ths of a point, or less than one tenth of a point).

    Nothing has happened since then, either in the realm of news, economic data, or meaningful market movements.  Even equities have joined bonds in asking 'where do we go now?'  And you know what comes after that line: the same line over and over again.

    The initial weakness made for moderate reprice risk and a few lenders actually pulled the trigger.  The stability since then would typically suggest decreasing risk, but at least one lender repriced in the past hour.  The only firm conclusion to be made is that the afternoon's price movements don't suggest any additional reprice risk.

    Category: MBS, UPDATE
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  • 5/5/14
    ISM Non-Manufacturing 55.2 vs 54.1 forecast Business...
    MBS Updates are a service provided to MBS Live! subscribers only.
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    Category: MBS, alert
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  • 5/5/14
    Bond Markets Slightly Stronger After Quiet (Nonexistent) Overnight Session

    Cash trading in US Treasuries was closed overnight due to market closures in Tokyo and London.  There wasn't a total absence of activity, however, as futures remained open.

    Movement was limited, but took initial cues from weaker data in China.  Some measure of bond market positivity also remains in place from ongoing geopolitical risk.

    The tone has remained positive through the first hour of domestic trading with 10yr yields prodding Friday's lows, but not yet breaking them--currently down 1.6bps to 2.577. Fannie 4.0s are 3/32nds higher at 105-05, right in line with Friday's best levels.

    This morning's significant data arrives at 10am with ISM Non-Manufacturing, expected to come in at 54.4 vs 53.4 previously.

    Category: MBS, UPDATE
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  • 5/5/14

    Few days have been more sideways than today--at least since bond markets worked through their reaction to the 10am ISM data.  Then again, it's not really possible to be any more sideways when Fannie 4.0s and 3.5s are both holding inside a 2.5 tick range (5/64ths of a point, or less than one tenth of a point).

    Nothing has happened since then, either in the realm of news, economic data, or meaningful market movements.  Even equities have joined bonds in asking 'where do we go now?'  And you know what comes after that line: the same line over and over again.

    The initial weakness made for moderate reprice risk and a few lenders actually pulled the trigger.  The stability since then would typically suggest decreasing risk, but at least one lender repriced in the past hour.  The only firm conclusion to be made is that the afternoon's price movements don't suggest any additional reprice risk.

    Category: MBS, UPDATE
    Share:   
  • 5/5/14
    ISM Non-Manufacturing 55.2 vs 54.1 forecast Business...
    MBS Updates are a service provided to MBS Live! subscribers only.
    Learn More | Start a Free Trial | View MBS Prices
    Category: MBS, alert
    Share:   
  • 5/5/14

    Cash trading in US Treasuries was closed overnight due to market closures in Tokyo and London.  There wasn't a total absence of activity, however, as futures remained open.

    Movement was limited, but took initial cues from weaker data in China.  Some measure of bond market positivity also remains in place from ongoing geopolitical risk.

    The tone has remained positive through the first hour of domestic trading with 10yr yields prodding Friday's lows, but not yet breaking them--currently down 1.6bps to 2.577. Fannie 4.0s are 3/32nds higher at 105-05, right in line with Friday's best levels.

    This morning's significant data arrives at 10am with ISM Non-Manufacturing, expected to come in at 54.4 vs 53.4 previously.

    Category: MBS, UPDATE
    Share:   
 
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