There is such a lack of relevant data today that all we really have to discuss at the moment are today's various speeches.
Most recently, Richmond Fed's Lacker said today that risk management should rely more on market-based solutions as opposed to increasing levels of government intervention and regulation. Obama's speech has also concluded, but the consensus seems to be that nothing deviated much from expectations and details were understandably light.
Whether connected to the speeches or not, both MBS and tsy's are down at the moment. If your lender priced late in the day--probably would need to be after 12 noon eastern--there is in fact a chance that you might see a reprice for the worse. Then again, we could just be imagining things to stave off the insanity precipitated by the slow day.
No.. But seriously.... We are down 6 ticks at the time of this post and further moves lower look like a possibility. In addition, tsy's are even weaker with the 10yr looking to retest it's high yield levels of the day at 3.4. So any joking aside, there is a possibility of reprices for the worse at the moment. That said, we'll keep the rest of the content to a minimum in the interest of getting the alert out to you more quickly (and not at all because it's a slow day).
MBS Market Alerts
