Another day, another chance for market watchers and pundits of all types to make mountains out of Turkish molehills.  Yes, the financial crisis in Turkey is important and it's still a thing, but no... it's not the most important market mover for bonds or stocks at the moment.  There's only a very small possibility that it's even the biggest risk to the global financial market.

Stocks and bonds agreed today, as neither covered any special new ground despite another big drop in the value of Turkish currency.  There were also some unsubstantiated headlines that caused a bit of intraday volatility--but that was mostly limited to Turkish markets.  10yr Treasuries, for instance, were unchanged to slightly weaker.  Same story for MBS.  Had domestic markets been taking any compelling cues from Turkish market movement, we'd be seeing much stronger levels this afternoon.

Bottom line: Turkish drama kept increasing, but bonds generally ignored it today.  While that may not continue to be the case, it could just as easily be the first sign that domestic markets have traded as much of this sideshow as they're going to trade.


MBS Pricing Snapshot
Pricing shown below is delayed, please note the timestamp at the bottom. Real time pricing is available via MBS Live.
MBS
FNMA 4.0
101-25 : -0-02
Treasuries
10 YR
2.8768 : +0.0178
Pricing as of 8/13/18 5:28PMEST

Today's Reprice Alerts and Updates
A recap of Alerts and Updates provided to MBS Live subscribers.
10:26AM  :  Fake News Behind a Reversal in Bonds?

MBS Live Chat Highlights
A recap of featured comments from the Live Discussion on the MBS Live Dashboard.
Sung Kim  :  "1000% for sure"
Jennifer Turner  :  "Lock today?"
Sung Kim  :  "View in Log Sung Kim: 12/29/16 2:50PM The guides state that you need an employment authorization document, which is EXACTLY what a H1B is. They are reading it literally to mean you need an EAD. The EAD is post H1B when they are trying to go to perm residence"
Jason Anker  :  "also says an EAD car isn't needed when you have an H1B. The verbiage they use is less than helpful."
Sung Kim  :  "the UCSIS website calls it a document that authorizes employment - fwiw"
Sung Kim  :  "when the handbook was first released there was very heated debate on here as to exactly what an EAD is. many thought what this underwriter thinks, and that is the literal card as opposed to a (D)ocument that (A)uthorizes (E)mployment"

Economic Calendar
Time Event Period Actual Forecast Prior
Tuesday, Aug 14
8:30 Import prices mm (%)* Jul 0.1 -0.4
8:30 Export prices mm (%)* Jul 0.2 0.3