....but still stuck in a range
Headline news is all quiet at the moment and equity markets
aren't making much noise...so fixed income market participants have taken the
opportunity to bake in a few more "supply
to come" bps into TSY yield curve. Unfortunately production MBS is losing relative value
and bids are adjusting accordingly (MBS prices lower).(Production MBS = what loans you close)
MBS prices are however off their lows of the day and worries
of a re-price for the worse have faded.....range trading continues while
markets deliberate on their own fate.
FN30__________________________________
FN 4.0
-------->>>> -0-05 to 99-01
from 99-06
FN 4.5
-------->>>> -0-04 to
101-02 from 101-06
FN 5.0
-------->>>> -0-00 to
102-13 from 102-13
FN 5.5
-------->>>> +0-01 to
102-29 from 102-28
FN 6.0
-------->>>> +0-01 to
103-13 from 103-14
GN30____________________________________
GN 4.0
-------->>>> -0-04 to 99-06
from 99-10
GN 4.5
-------->>>> -0-02 to
101-10 from 101-12
GN 5.0
-------->>>> -0-02 to
102-22 from 102-24
GN 5.5
-------->>>> +0-00 to
103-07 from 103-07
GN 6.0
-------->>>> +0-00 to
103-17 from 103-17
Has the worse passed or is their MORE NEGATIVITY yet to come? Are we stuck in a spiral already?What/Who is the next receipt of Government Money?
Protectionism is killing capital accumulation!