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You are viewing Micro News from Friday, Jul 11, 2014 - View all recent Micro News
  • 7/11/14
    Perhaps the last update shouldn't have tempted...
    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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  • 7/11/14
    Gains Mostly Holding; Slight Pull-Back in MBS; Uneventful Trading Day so Far

    At the risk of "calling it" before "it" is technically over, the trading day was essentially over at 11am.  Participation fell off and we've spent a roughly equal time on either side of the 11am prices/yields. 

    There continues to be no salient connection between events in the market place and movements in MBS/Treasuries.  If we were forced to pick one, we might note the LOOSE correlations with equities. 

    With that in mind, stocks have been improving since just after 12:30pm and bond markets have come off their best levels.  But until/unless we see a bit more weakness here in bonds, the "over at 11am" thing looks like the case. 

    To be fair and cautious, there's always a chance that prices will leak lower into the afternoon.  Lighter participation means it takes less initiative (read: less $$) to move prices.  If that's going to happen, it will probably be apparent soon.   

    MBS, specifically are already pushing it a bit with prices down 3 ticks from the highs (102-15 vs 102-18).  That said, we've seen very few positive reprices, and none of them priced in the full move up to 102-18.  That would suggest no reprice risk at the moment.  We'd need to see 2-3 ticks of further weakness before that changed materially.

    Category: MBS, UPDATE
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  • 7/11/14
    Slightly Stronger After Uneventful Overnight Session

    Not that it couldn't change, but for now, the cruise control is already engaged heading into the weekend.  10yr Treasuries traded in a narrow range overnight, following German Bunds almost exclusively, and staying well inside yesterday's range. 

    We haven't seen any salient market movers from the earnings calendar or European drama, though Portugal concerns did help out a bit overnight.  Wells earnings have already come and gone without much fuss (in line with expectations).

    10yr yields are trading about 1bp lower than yesterday's latest levels and MBS are 4 ticks higher.  Keep in mind, that 4 tick improvement is measured against the POST-roll prices (Fannie/Freddie 30yr MBS rolled last night).  That makes it look like prices are lower on the chart (because yesterday's chart is July coupons while today's is August).

    Category: MBS, UPDATE
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  • 7/11/14
    Perhaps the last update shouldn't have tempted...
    MBS Updates are a service provided to MBS Live! subscribers only.
    Learn More | Start a Free Trial | View MBS Prices
    Category: MBS, alert
    Share:   
  • 7/11/14

    At the risk of "calling it" before "it" is technically over, the trading day was essentially over at 11am.  Participation fell off and we've spent a roughly equal time on either side of the 11am prices/yields. 

    There continues to be no salient connection between events in the market place and movements in MBS/Treasuries.  If we were forced to pick one, we might note the LOOSE correlations with equities. 

    With that in mind, stocks have been improving since just after 12:30pm and bond markets have come off their best levels.  But until/unless we see a bit more weakness here in bonds, the "over at 11am" thing looks like the case. 

    To be fair and cautious, there's always a chance that prices will leak lower into the afternoon.  Lighter participation means it takes less initiative (read: less $$) to move prices.  If that's going to happen, it will probably be apparent soon.   

    MBS, specifically are already pushing it a bit with prices down 3 ticks from the highs (102-15 vs 102-18).  That said, we've seen very few positive reprices, and none of them priced in the full move up to 102-18.  That would suggest no reprice risk at the moment.  We'd need to see 2-3 ticks of further weakness before that changed materially.

    Category: MBS, UPDATE
    Share:   
  • 7/11/14

    Not that it couldn't change, but for now, the cruise control is already engaged heading into the weekend.  10yr Treasuries traded in a narrow range overnight, following German Bunds almost exclusively, and staying well inside yesterday's range. 

    We haven't seen any salient market movers from the earnings calendar or European drama, though Portugal concerns did help out a bit overnight.  Wells earnings have already come and gone without much fuss (in line with expectations).

    10yr yields are trading about 1bp lower than yesterday's latest levels and MBS are 4 ticks higher.  Keep in mind, that 4 tick improvement is measured against the POST-roll prices (Fannie/Freddie 30yr MBS rolled last night).  That makes it look like prices are lower on the chart (because yesterday's chart is July coupons while today's is August).

    Category: MBS, UPDATE
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