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You are viewing Micro News from Wednesday, Jun 25, 2014 - View all recent Micro News
  • 6/25/14
    Negative Reprice Risk Subsiding Somewhat

    While it's still possible that a lender or two could hit us with a late reprice, underlying movements in MBS and broader bond markets are less disconcerting than they were heading into 2pm.  Fannie 3.5s are still off 4 ticks from some lenders' initial rate sheet print times, but 2 ticks higher than recent lows.  10yr yields crossed their 3pm finish line at 2.56.

    Trading is slow and apathetic at the moment.  That lack of conviction is always slightly unsettling as it means any more determined trading stands the chance of affecting prices more easily than it otherwise could.  In other words, there's nothing stopping the situation from changing in the last few hours. 

    Category: MBS, UPDATE
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  • 6/25/14
    Negative reprice risk made a brief appearance after...
    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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  • 6/25/14
    MBS prices are barely-changed after the 1pm 5yr Note...
    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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  • 6/25/14
    Bond Markets Much Stronger after GDP, Durables

    Treasuries had a moderately stronger overnight session, but hit 8am just slightly lower in yield.  MBS also opened in modestly stronger territory and, along with Treasuries, waited for 830am data for any bigger moves. 

    8:30am data was friendly...

    • GDP -2.9 vs -1.7 forecast
    • largest drop since Q1 2009
    • Final Sales -1.3 vs 0.0 forecast
    • Consumer Spending +1.0 vs +3.1 previously, biggest drop since Q4 2009
    • Business Inventory change accounts for -1.7 of total GDP

    Durable Goods helped too

    • May Durable Goods -1.0 vs 0.0 forecast
    • Excluding Defense spending +0.6 vs +0.8 forecast

    Fannie 3.5s shot a quick quarter point higher to 102-25 and have since dialed back to 102-22.  10yr yields dropped abruptly to 2.529 and are now back up to 2.538.  Even then, considering the range boundary is 2.57, this raises the distinct possibility that we could confirm a range breakout when pit trading closes at 3pm.

    There's no other significant data this morning, but the 5yr Treasury Auction hits at 1pm.

    Category: MBS, UPDATE
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  • 6/25/14

    While it's still possible that a lender or two could hit us with a late reprice, underlying movements in MBS and broader bond markets are less disconcerting than they were heading into 2pm.  Fannie 3.5s are still off 4 ticks from some lenders' initial rate sheet print times, but 2 ticks higher than recent lows.  10yr yields crossed their 3pm finish line at 2.56.

    Trading is slow and apathetic at the moment.  That lack of conviction is always slightly unsettling as it means any more determined trading stands the chance of affecting prices more easily than it otherwise could.  In other words, there's nothing stopping the situation from changing in the last few hours. 

    Category: MBS, UPDATE
    Share:   
  • 6/25/14
    Negative reprice risk made a brief appearance after...
    MBS Updates are a service provided to MBS Live! subscribers only.
    Learn More | Start a Free Trial | View MBS Prices
    Category: MBS, alert
    Share:   
  • 6/25/14
    MBS prices are barely-changed after the 1pm 5yr Note...
    MBS Updates are a service provided to MBS Live! subscribers only.
    Learn More | Start a Free Trial | View MBS Prices
    Category: MBS, alert
    Share:   
  • 6/25/14

    Treasuries had a moderately stronger overnight session, but hit 8am just slightly lower in yield.  MBS also opened in modestly stronger territory and, along with Treasuries, waited for 830am data for any bigger moves. 

    8:30am data was friendly...

    • GDP -2.9 vs -1.7 forecast
    • largest drop since Q1 2009
    • Final Sales -1.3 vs 0.0 forecast
    • Consumer Spending +1.0 vs +3.1 previously, biggest drop since Q4 2009
    • Business Inventory change accounts for -1.7 of total GDP

    Durable Goods helped too

    • May Durable Goods -1.0 vs 0.0 forecast
    • Excluding Defense spending +0.6 vs +0.8 forecast

    Fannie 3.5s shot a quick quarter point higher to 102-25 and have since dialed back to 102-22.  10yr yields dropped abruptly to 2.529 and are now back up to 2.538.  Even then, considering the range boundary is 2.57, this raises the distinct possibility that we could confirm a range breakout when pit trading closes at 3pm.

    There's no other significant data this morning, but the 5yr Treasury Auction hits at 1pm.

    Category: MBS, UPDATE
    Share:   
 
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