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MBS RECAP: A Small Risk in a Pile of Good News
Jul 22 2020, 3:27PM

For rates and the bond market, the news has been almost exclusively good for weeks-to-months.  Most recently, we've seen lower lows than ever and spent more time remaining in that range than any past trip to all-time lows.  In other words, we would typically expect a bounce by now.  Interestingly enough, there is a very small hint at such a bounce emerging.  While it's too soon to worry about it, it's not too soon to keep an eye on it.

Econ Data / Events
Market Movement Recap
08:33 AM

Socks and bonds yields were both slightly lower overnight.  The biggest move followed news about the closure of the Chinese consulate in Houston (yes, really).  10yr yields are down 1.9bps at .586 and 2.0 UMBS  are up 2 ticks (0.06).

10:44 AM

No detectable reaction to home sales data.  Bonds remain roughly unchanged-to-slightly-stronger.  10yr yields may be seeing some resistance at the range floor of .58%.

01:25 PM

2.0 UMBS are now up an eighth of a point on the day at 103-01 (103.03). 10yr yields are down 1.6bps at .589 and as yet unwilling to break below the .58% range boundary.  MBS outperformance followed the Fed's last bond buying operation of the day.

03:22 PM

There was a fairly quick bout of selling just after 2pm, but it has since been corrected.  It was more noticeable in MBS than Treasuries. Both lost a bit of ground but remain modestly stronger on the day.

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
102-31 : +0-02
10 YR
0.5970 : -0.0100
Pricing as of 7/22/20 3:25PMEST

Today's Reprice Alerts and Updates
A recap of Alerts and Updates provided to MBS Live subscribers.
2:32PM  :  ALERT ISSUED: MBS Down a Quick Eighth of a Point
1:24PM  :  MBS Outperform After Fed Buying
10:43AM  :  Holding Modest Gains After Econ Data

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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