Interesting day today... It began with a decent overnight rally, mostly led by European bond markets.  The first big speed-bump came at 8:30am with the Producer Price Index coming in much hotter than expected.  Normally, PPI isn't much of a market mover except in the case of BIG beats/misses.  This one fit the bill.

Bonds sold-off initially.  That much was to be expected, but there would they end the day?  The possibilities were endless considering yields were already fairly close to long-term highs.

Instead, the 9:30am NYSE open brought a healthy dose of bond buying and a moderate amount of stock selling.  European trading continued to play a role until noon when bonds went completely silent ahead of the 3-day Veterans Day Weekend, but not before 10yr yields fell more than 5bps and Fannie 4.0 MBS gained nearly a quarter point.


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
99-19 : +0-07
Treasuries
10 YR
3.1860 : -0.0460
Pricing as of 11/9/18 6:25PMEST

Today's Reprice Alerts and Updates
A recap of Alerts and Updates provided to MBS Live subscribers.
10:21AM  :  Yet Again! NYSE Open is a Bond Market Event
8:44AM  :  Producer Prices Strong Enough to Hurt

MBS Live Chat Highlights
A recap of featured comments from the Live Discussion on the MBS Live Dashboard.
Sung Kim  :  "always lock on a green Friday before a long holiday weekend"
Tom Schwab  :  "To quote George Costanza, "It isn't a lie if you believe it""

Economic Calendar
Time Event Period Actual Forecast Prior
Friday, Nov 09
8:30 Producer Prices (%) Oct +0.6 0.2 0.2
8:30 Core Producer Prices YY (%)* Oct +2.6 2.3 2.5
10:00 Wholesale inventories mm (%) Sep 0.4 0.3 0.3
10:00 Consumer Sentiment Nov 98.3 98.0 98.6
10:00 1yr Inflation Outlook (%)* Nov 2.8 2.9
10:00 5yr Inflation Outlook (%)* Nov 2.6 2.4