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MBS RECAP: Stocks and Bonds Confirm Hyperfocus on Covid Outlook
Jul 15 2020, 3:27PM

Coronavirus has been with us for so long and has caused such a huge paradigm shift that it's easy to lose sight of its importance as a day-to-day market mover.  Periodically we see moves that reinforce the importance (like today) where both stocks and bonds are unequivocally responding to vaccine headlines.  Despite overnight weakness, bonds were ultimately unfazed.  A vaccine could prove to be a game changer, but all we have now are "promising developments" relayed by the people that own/create the vaccines.

Econ Data / Events
  • 20min of Fed 30yr UMBS Buying 10am, 1130am (M-F) and 1pm (T-Th)

  • NY Fed Manufacturing: 17.2 vs 10.0 f'cast, -0.2 prev

  • Industrial Production: 5.4 vs 4.3 f'cast, 1.4 prev

Market Movement Recap
08:17 AM

Stocks and bond yields start domestic session at the highs of the day.  Multiple vaccine-related headlines driving the move.   Stocks starting the day up nearly 1.5% and 10yr yields up 3bps to .655.  UMBS down nearly an eighth of a point.

10:00 AM

Stocks have been selling for most of the domestic session, and bond yields have been following.  10yr yield now up only 1.3bps and UMBS 2.0s are UP 1 tick (+0.03).

01:35 PM

The morning bond market rally is pulling back a bit in the afternoon hours.  10yr yields were briefly positive, but are now 0.3bps higher.  MBS are still positive, but now only by 2 ticks (0.06) instead of 4 (0.125).

MBS Pricing Snapshot
Pricing shown below is delayed, please note the timestamp at the bottom. Real time pricing is available via MBS Live.
UMBS 2.0
102-28 : +0-02
10 YR
0.6280 : +0.0140
Pricing as of 7/15/20 3:25PMEST

Today's Reprice Alerts and Updates
A recap of Alerts and Updates provided to MBS Live subscribers.
11:47AM  :  MBS Now Up an Eighth of a Point
8:26AM  :  Vaccine Hopes Hurting Bonds

Economic Calendar
Time Event Period Actual Forecast Prior
Wednesday, Jul 15
7:00 MBA Purchase Index w/e 305.4 325.2
7:00 Mortgage Refinance Index w/e 3774.3 3373.9
8:30 NY Fed Manufacturing Jul +17.2 10.00 -0.20
9:15 Industrial Production (%) Jun 5.4 4.3 1.4
Thursday, Jul 16
8:30 Retail Sales (%)* Jun 5.0 17.7
8:30 Philly Fed Business Index * Jul 20.0 27.5
8:30 Jobless Claims (k) w/e 1250 1314
10:00 NAHB housing market indx Jul 60 58
10:00 Business Inventories (% ) May -2.3 -1.3

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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