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Boring Monday Keeps The Focus on Next Week
Monday may as well have been a 3rd weekend day as far as the bond market is concerned. While equities are preoccupied with earnings, bonds were trading at about HALF their normal clip based on the past 2 weeks of average volume. There were no relevant economic releases and really not even any interesting market moving headlines. Buyers pushed back against modest overnight weakness in the AM hours and then drifted mostly sideways in the PM hours. Days like this only intensify the focus on next week's important slate of events which include a Treasury refunding announcement, Fed announcement (with likely QT tapering on the agenda) and the jobs report.
Market Movement Recap
08:17 AM Modestly weaker overnight with 10yr yields up 3.3bps at 4.655 and MBS down 2 ticks (.06).
10:53 AM Back in positive territory, MBS up 3 ticks (.09) and 10yr down 0.4bps at 4.618
02:52 PM Best levels at noon, but dialing back a bit into the PM hours. Trading levels right in line with last update. MBS down 3 ticks (.09) from highs, but still up 3 ticks on the day.
03:52 PM Back near best levels. No particular reason or significance. MBS up 5 ticks (.16) and 10yr down 0.7bps at 4.616
MBS Commentary
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Boring Monday Keeps The Focus on Next Week
Monday may as well have been a 3rd weekend day as far as the bond market is concerned. While equities are preoccupied with earnings, bonds were trading at abou... (read more)
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Mortgage Rate Watch
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Mortgage rates began the new week at almost exactly the same levels seen at the end of last week. There were no major events or economic reports to cause volatility in the underlying bond market, but bonds were able to improve modestly by the e... (read more)
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Rob Chrisman
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When I was a kid, whenever I would walk by a pay phone or newspaper vending machine, I’d check the coin change slot. Or periodically check under my Dad’s La-Z-Boy… every penny or dollar counted! (Nowadays, I still get excited when I find a forgotten ... (read more)
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