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You are viewing Micro News from Monday, Jul 7, 2014 - View all recent Micro News
  • 7/7/14
    Off the Highs, but Narrow Range Limits Reprice Risk

    Visually, it's almost worth noting that MBS have moved off their highs.  In fact, Fannie 3.5s are now in line with the predominant lows from earlier this morning at 102-03.

    But with today's highs at 102-06, that's only 3/32nds of weakness.  Even then, the highs of the day came well after most lenders were out with rate sheets, so we've only seen 1-2 ticks of weakness that matters (and even "no weakness" for lenders that priced earlier in the day).  This might be a different story if we had any positive reprices with the late morning gains.

    Market activity remains dreadfully subdued with Treasuries and MBS moving in measured, moderate steps.  The only reason we're sending out this update is that those "measured steps" have been exclusively weaker since noon. 

    This coincides with a bounce in equities markets as well as the close of European markets.  That stands to reason considering we gave Europe some credit in helping US bond market trading levels earlier in the day.  Bottom line: risks of negative reprices could increase if this trend continues. 

    Category: MBS, UPDATE
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  • 7/7/14
    Bond Markets Slightly Stronger Overnight; Limited Activity So Far

    On paper, this week looks like a snoozer.  In early trading, this morning has given us no reason to believe otherwise as rates/prices are little-changed from Friday's latest.

    This was less clearly the case at the start of the overnight session.  Treasuries were weaker out of the gate, trading as high as 2.661 during Asian hours.  Those levels were only seen briefly at the open, and improved steadily since then.

    Treasuries are outperforming MBS slightly compared to Friday's ranges.  10yr yields are are near their best 2-day levels (2.632 vs 2.627) while MBS still have a bit of a gap to close (102-02 this morning vs 102-07 on Friday morning).

    There are no significant scheduled events on tap today, and participation has been light so far.

    Category: MBS, UPDATE
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  • 7/7/14

    Visually, it's almost worth noting that MBS have moved off their highs.  In fact, Fannie 3.5s are now in line with the predominant lows from earlier this morning at 102-03.

    But with today's highs at 102-06, that's only 3/32nds of weakness.  Even then, the highs of the day came well after most lenders were out with rate sheets, so we've only seen 1-2 ticks of weakness that matters (and even "no weakness" for lenders that priced earlier in the day).  This might be a different story if we had any positive reprices with the late morning gains.

    Market activity remains dreadfully subdued with Treasuries and MBS moving in measured, moderate steps.  The only reason we're sending out this update is that those "measured steps" have been exclusively weaker since noon. 

    This coincides with a bounce in equities markets as well as the close of European markets.  That stands to reason considering we gave Europe some credit in helping US bond market trading levels earlier in the day.  Bottom line: risks of negative reprices could increase if this trend continues. 

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

    On paper, this week looks like a snoozer.  In early trading, this morning has given us no reason to believe otherwise as rates/prices are little-changed from Friday's latest.

    This was less clearly the case at the start of the overnight session.  Treasuries were weaker out of the gate, trading as high as 2.661 during Asian hours.  Those levels were only seen briefly at the open, and improved steadily since then.

    Treasuries are outperforming MBS slightly compared to Friday's ranges.  10yr yields are are near their best 2-day levels (2.632 vs 2.627) while MBS still have a bit of a gap to close (102-02 this morning vs 102-07 on Friday morning).

    There are no significant scheduled events on tap today, and participation has been light so far.

    Category: MBS, UPDATE
    Share:   
 
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