Yields broke up and out of their prevailing range last week and took the present week to focus on reentry.  While those efforts went a long way toward defusing concern over how quickly rates were moving higher, they fell short of offering much reassurance about where they're going next.

In other words, rates did only as much as they had to do in order to unwind last week's more abrupt spikes.  They made no promises for anything more.

Today, specifically, was the least eventful day of the week despite boasting the biggest economic report.  It didn't help that Retail Sales came in very close to consensus and with fairly well mixed internal components.  Next week has a more robust line-up of econ data, but it doesn't get interesting until the end.  Beyond that, trade-related headlines remain sources of range-bound volatility, but it's going to take major progress on signing the phase 1 trade deal or a convincing argument that it won't happen in order to create durable momentum in either direction.

20191115 close


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 3.0
101-10 : -0-01
Treasuries
10 YR
1.8360 : +0.0210
Pricing as of 11/15/19 7:05PMEST

Today's Reprice Alerts and Updates
A recap of Alerts and Updates provided to MBS Live subscribers.
8:53AM  :  Retail Sales Raise No Objection to Small Bond Rally

MBS Live Chat Highlights
A recap of featured comments from the Live Discussion on the MBS Live Dashboard.
Brent Borcherding  :  "I'll gladly bet GDP doesn't come in at .3% or lower."
Edgar - Sic Incipit  :  "Q4 GDP dropping like a rock according to the Atlanta Fed (0.3%). Should be good for another 5% move in stocks...lol. https://twitter.com/atlantafed/status/1195385438917275650?s=21"

Economic Calendar
Time Event Period Actual Forecast Prior
Friday, Nov 15
8:30 Retail Sales (%)* Oct 0.3 0.2 -0.3
8:30 Export prices mm (%)* Oct -0.1 -0.1 -0.2
8:30 Import prices mm (%)* Oct -0.5 -0.2 0.2
9:15 Industrial Production (%) Oct -0.8 -0.4 -0.4
10:00 Business Inventories (% ) Sep 0.0 0.1 0.0