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You are viewing Micro News from Monday, Aug 4, 2014 - View all recent Micro News
  • 8/4/14
    The last update said we'd need to see another 2...
    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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  • 8/4/14
    MBS-Specific Weakness Following Scheduled Fed Buying

    The day's scheduled Fed buying in MBS wrapped up at 11:45am.  Not even one minute later, MBS reversed course and began losing ground.  Not only that, but they increasingly underperformed Treasuries in the process.  Fannie 3.5s are down a fairly quick 6 ticks, introducing some small measure of negative reprice risk.

    That risk is limited to "on the horizon" for the most part as the 6/32nds of weakness is based on the day's highs.  No lenders released rates at the highs.  Prices are only 1-3 ticks off from rate sheet print times.  If the weakness continues, however, negative reprice risk would increase with another 2 ticks of losses (102-09 and below).

    Category: MBS, UPDATE
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  • 8/4/14
    Bond Markets Moderately Stronger to Start Domestic Session

    Trading was fairly quiet in the overnight session.  10yr yields held a narrow range between 2.51 and 2.49.  The weakest level were seen right at the start of the Asian session.  Bonds improved somewhat after weak economic data in China.

    The biggest headline of the night was the announcement of a bailout for Portugal's troubled Banco Espirito Santo.  The bank's stock and Portuguese markets accounted for most of the market reaction, with heavily diminishing returns for the rest of the European bond market and overnight Treasury trading.

    With the onset of domestic trading, the normal increase in volume and participation has been positive for bond markets.  Both MBS and Treasuries crossed the 8AM threshold unchanged vs Friday's latest levels, and both have improved since then.

    Fannie 3.5 MBS are up 2 ticks at 102-12 and 10yr yields are down 2.15bps at 2.484.  There is no significant data on the calendar today.  The only game in town from a market-watching standpoint is to keep an eye on technical levels in Treasuries.  Things don't get serious for 10's unless yields approach 2.44 or 2.56.  It would be a surprise to see either of those broken today.

    Category: MBS, UPDATE
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  • 8/4/14
    The last update said we'd need to see another 2...
    MBS Updates are a service provided to MBS Live! subscribers only.
    Learn More | Start a Free Trial | View MBS Prices
    Category: MBS, alert
    Share:   
  • 8/4/14

    The day's scheduled Fed buying in MBS wrapped up at 11:45am.  Not even one minute later, MBS reversed course and began losing ground.  Not only that, but they increasingly underperformed Treasuries in the process.  Fannie 3.5s are down a fairly quick 6 ticks, introducing some small measure of negative reprice risk.

    That risk is limited to "on the horizon" for the most part as the 6/32nds of weakness is based on the day's highs.  No lenders released rates at the highs.  Prices are only 1-3 ticks off from rate sheet print times.  If the weakness continues, however, negative reprice risk would increase with another 2 ticks of losses (102-09 and below).

    Category: MBS, UPDATE
    Share:   
  • 8/4/14

    Trading was fairly quiet in the overnight session.  10yr yields held a narrow range between 2.51 and 2.49.  The weakest level were seen right at the start of the Asian session.  Bonds improved somewhat after weak economic data in China.

    The biggest headline of the night was the announcement of a bailout for Portugal's troubled Banco Espirito Santo.  The bank's stock and Portuguese markets accounted for most of the market reaction, with heavily diminishing returns for the rest of the European bond market and overnight Treasury trading.

    With the onset of domestic trading, the normal increase in volume and participation has been positive for bond markets.  Both MBS and Treasuries crossed the 8AM threshold unchanged vs Friday's latest levels, and both have improved since then.

    Fannie 3.5 MBS are up 2 ticks at 102-12 and 10yr yields are down 2.15bps at 2.484.  There is no significant data on the calendar today.  The only game in town from a market-watching standpoint is to keep an eye on technical levels in Treasuries.  Things don't get serious for 10's unless yields approach 2.44 or 2.56.  It would be a surprise to see either of those broken today.

    Category: MBS, UPDATE
    Share:   
 
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