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MBS RECAP: Boring Day For Bonds, But Tension Remains For Mortgages
Aug 14 2020, 5:47PM

Rates continued reeling (depending on the lender) from the G-fee hike announced late Wednesday, but bonds managed to hold their ground (finally).  This is the first decent push back against the recent technical breakout and the first real chance we have of defining an upper boundary for the current range.  It's also the most optimistic view of such a ceiling.  We'll know more about its chances next week.

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

  • Retail Sales 1.2 vs 1.9 f'cast vs 8.4 prev

  • Core Retail Sales 1.4 vs 0.8 f'cast, 5.6 prev

  • Industrial Production 3.0 vs 3.0 f'cast, 5.7 prev

  • Consumer Sentiment 72.8 vs 72.0 f'cast, 72.5 prev

Market Movement Recap
08:15 AM

Bonds were slightly stronger in Asia before pushing back in the other direction during European hours.  10yr yields are still 1bp lower vs yesterday.  MBS are 1 tick (0.03) better to start the day, but it remains to be seen how much MBS movement matters to rate sheets given the current chaos.

11:48 AM

Very calm day so far.  No reactions to any of the data.  No significant movement in either side of the market.  10yr down 2bps bouncing along lows of the day at .696.  2.0 UMBS still roughly unchanged.


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
102-30 : +0-00
Treasuries
10 YR
0.7094 : -0.0066
Pricing as of 8/14/20 5:45PMEST

Today's Reprice Alerts and Updates
A recap of Alerts and Updates provided to MBS Live subscribers.
3:07PM  :  ALERT ISSUED: MBS at Lows; Reprice Risk Considerations
8:48AM  :  Basically No Reaction to Retail Sales

Economic Calendar
Time Event Period Actual Forecast Prior
Friday, Aug 14
8:30 Retail Sales (%)* Jul 1.2 1.9 7.5
8:30 Productivity Preliminary (%) Q2 7.3 1.5 -0.9
9:15 Industrial Production (%) Jul 3.0 3.0 5.4
10:00 5yr Inflation Outlook (%) Aug 2.7 2.6
10:00 Consumer Sentiment Aug 72.8 72.0 72.5
10:00 1yr Inflation Outlook (%) Aug 3.0 3.0
10:00 Business Inventories (% ) Jun -1.1 -1.2 -2.3

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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