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The Federal Reserve took a break from buying today. Servicers and Originators sold over $4bn "rate sheet influential" MBS today, $2bn of which was mopped up by the Fed, less than their recent average. Servicer selling signals a feeling of exhaustion in the MBS market place as servicers generally...
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Early in the session stocks showed signs of weakness, giving TSY and "rate sheet influential" MBS coupons an opportunity to rally to the highs of the day. Unfortunately, as stocks began to meander off intraday lows, the long end of the yield curve started selling off..eventually selling pressure...
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Lets look at the evolution of trader sentiment this week... Below is a three day chart illustrating the price action of the September 10yr Treasury Futures Contract. On Tuesday, July 21, a considerable rally ensued in the rates market, taking the TYU price from 116-15 to 117-31. Lets look at how that...
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Fixed income exhibited real weakness today. Benchmark yields were notably higher, interest rate options volatility ticked up yet again, "rate sheet influential MBS" prices fell 23 ticks to 99-02 (lenders repriced for the worse), NYMEX Crude finally closed over $60, stocks broke all sorts of...
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Well Well Well...a little better than expected economic data (not really though), some stronger than anticipated earnings, a little volume in stocks....AND ALL OF SUDDEN OUR ECONOMIC ANXIETIES ARE ALLEVIATED!!!! The S&P is over 905. Its over 912. Its over 918.....and now looking to test 927. Hallelujah...