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MBS RECAP: Big Scary Reversal in Bonds (Spoiler Alert: It Wasn't That Scary)
Jul 10 2020, 4:28PM

Just as bonds were settling into a nice new trend toward lower yields, today comes along with the biggest intraday reversal in weeks.  But even if the weakness was twice as big, bonds would still be in a great place and we still wouldn't be seeing a major cause for concern.  That will change some day, but it didn't change today.

Econ Data / Events
  • 11:30-11:50 AM (ET) - Fed 30yr UMBS Buying  

  • Core Annual Wholesale Inflation (PPI) 0.1 vs 0.4 f'cast, 0.3 prev

Market Movement Recap
08:16 AM

Stocks and bond yields both slumped overnight.  Once again, bonds continued to improve even as stocks bounced.  10yr yields down 3+ bps at .582 (range floor), and UMBS 2.0 opening up 3 ticks (.09) at 103-03 (103.09).

12:09 PM

MBS remaining surprisingly resilient despite weakness in Treasuries.  10yr yields up .6bps now while 2.0 UMBS are UP and eighth on the day.

01:59 PM

Treasuries remain under moderate pressure as stocks continue making gains.  MBS are still outperforming, but are now closer to 'unchanged' on the day.

03:44 PM

Selling continued to be resolute in Treasuries and MBS finally gave in.  10yr yields are up 2.4bps and 2.0 UMBS are down more than an eighth on the day.  Stocks are back at the highs of the week.


MBS Pricing Snapshot
Pricing shown below is delayed, please note the timestamp at the bottom. Real time pricing is available via MBS Live.
MBS
UMBS 2.0
102-27 : -0-06
Treasuries
10 YR
0.6410 : +0.0360
Pricing as of 7/10/20 4:26PMEST

Today's Reprice Alerts and Updates
A recap of Alerts and Updates provided to MBS Live subscribers.
3:03PM  :  ALERT ISSUED: Negative Reprices Becoming More Likely
2:23PM  :  ALERT ISSUED: Negative Reprice Risk Increasing For Some Lenders
9:18AM  :  Covid Headlines Causing Bonds to Stumble, But We're Still Green

About the Author

Chief Operating Officer, Mortgage News Daily / MBS Live
A former originator, Matthew began writing for Mortgage News Daily in 2007, covering a wide range of topics. Seeing a need in the marketplace, his focus increasingly shifted toward relating MBS and broader financial markets for loan originators. ... more

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