MBS Live: MBS RECAP
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FNMA 3.5
100-32 : -0-06
FNMA 4.0
103-07 : -0-05
FNMA 4.5
105-01 : -0-02
FNMA 5.0
107-00 : -0-01
GNMA 3.5
102-30 : -0-07
GNMA 4.0
105-25 : -0-04
GNMA 4.5
107-28 : -0-02
GNMA 5.0
109-08 : -0-03
FHLMC 3.5
100-25 : -0-07
FHLMC 4.0
102-32 : -0-05
FHLMC 4.5
104-22 : -0-03
FHLMC 5.0
106-20 : -0-01
Pricing as of 4:01 PM EST
Afternoon Market Updates
A recap of MBS Market Updates provided by MND Analysts and streamed live to the MBS Live Dashboard.
4:00PM  :  MBS Languishing After Hours. Tomorrow Brings Only Fed-Speak
Fannie 3.5's are slightly better than levels seen during their last major bout of weakness today, which in turn is slightly better than morning levels (which themselves are slightly better than yesterday's low). Are we seeing a trend here? Yes.... Trends everywhere point to a sideways or consolidating pattern in anticipation of "something."

The obvious question is whether or not that "something" is this weekend's EU summit, but with yet another summit as early as 10/26 and more summit-related headlines than we'd care to read or even consider, one has to wonder...

One thing's for sure: it's nothing to do with tomorrow's domestic economic data because apart from the ECRI (a traditionally inconsequential broad economic index), there is none.

But there will be some Fed-Speak.

1pm Kocherlakota
120pm Fisher
3pm Yellen

Apart from that, markets remain at the whim (unfortunately) of every little headline out of Europe. Those, of course, don't adhere to a schedule. So between that fact, and the lack of economic data, it could be an interesting day...
2:59PM  :  Greek Parliament Approves Austerity Law
The following news isn't "breaking" or even impacting trade any longer. It was scheduled and widely expected, but significant in the sense that it's a milestone in the broader situation.

(Reuters) - Greek lawmakers gave on Thursday final approval for an austerity law cutting wages and hiking taxes, crucial for the country to receive a next batch of bailout funds and avoid bankruptcy.

All but one of the ruling Socialist PASOK party's deputies voted in favour of all the provisions in the law, despite two days of violent anti-austerity protests outside parliament.
1:20PM  :  ALERT: Potential Reprices For The Worse, Unless Steep Sell-Off Abates
Several headlines combined to send MBS and TSYs back to the weaker ends of their trading ranges in a matter of seconds. Fannie 3.5's are down 4 ticks on the day now, falling from 101-13 highs to 101-02 currently. Reprices for the worse are possible, especially from the faster acting lenders, but this could still prove to be a knee-jerk if we give it a bit more time to play out. We'll keep you posted.
Featured Market Discussion
A recap of the featured comments from the Live Discussion on the MBS Live Dashboard.
Chris Kopec  :  "REPRICE: 3:38 PM - Flagstar Worse"
Brett Boyke  :  "Peter Tchir - "As much as we may laugh at the politicians, they must be getting a kick out of watching the same rumour move stocks over and over. Effectively the first time the rumour came out the SPX was about 1080. Now the same rumor still moves the market and we are at 1210. ""
Michael Tadros  :  "REPRICE: 1:51 PM - Provident Funding Worse"
AQ  :  "some might say the Germans are still trying to exploit a tariff free trade zone within Europe. To limit globalization and competition. "Still" meaning it's something theyve always tried to accomplish."
Matthew Graham  :  "RTRS - SARKOZY, MERKEL SPOKE BY TELEPHONE ON THURSDAY, AGREED EURO ZONE NEEDS NEW OPERATING METHOD FOR EFSF, BANK RECAPITALISATION PLAN "
Matthew Graham  :  "RTRS - FRANCE AND GERMAN WANT IMMEDIATE START OF NEGOTIATIONS WITH PRIVATE SECTOR TO FIND ACCORD ON GREEK DEBT "
AQ  :  "..and then they'll need to maet later to agree on something else to improve the previous agreement."
Matthew Graham  :  "RTRS - FRANCE'S SARKOZY, GERMANY'S MERKEL TO MEET ON SATURDAY IN BRUSSELS TO DISCUSS EURO ZONE -FRANCO-GERMAN STATEMENT "
AQ  :  "wasn't that the agreement they already agreed upon?"
Matthew Graham  :  "RTRS - FRANCE AND GERMANY SAY THAT EURO ZONE LEADERS WILL DISCUSS AGREEMENT IN DEPTH ON SUNDAY BEFORE ADOPTING IT ON WEDNESDAY AT LATEST "
Matthew Graham  :  "france, germany statement cited"
Jeff Anderson  :  "Is the rumor of another sugar rush fueling this turnaround?"
Victor Burek  :  "european leaders to hold second summit 10/26"
Matthew Graham  :  "I think Stock market Lynn"
Lynn ONeal  :  "auction?"
Victor Burek  :  "REPRICE: 12:19 PM - Flagstar Better"
Michael Tadros  :  "REPRICE: 12:17 PM - Provident Funding Better"
Jason Evans  :  "REPRICE: 12:03 PM - GMAC Better"
Michael Kelleher  :  "REPRICE: 11:56 AM - Franklin American Better"
Grant R. Menard  :  "REPRICE: 11:45 AM - Sierra Pacific Better"