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MBS RECAP: Small Scale Volatility In The Bigger Picture
Sep 14 2020, 4:42PM

The adverse market fee continues to dominate lock/float consideration for those who haven't seen it return yet.  For everyone else, the decision has most to do with Wednesday's Fed announcement which presents the biggest binary risk we've seen from a scheduled event in a while (hint: binary means it could be good or bad for rates/bonds).

Econ Data / Events
Market Movement Recap
08:26 AM

Bonds were almost perfectly unchanged overnight despite stocks gaining roughly 1% fairly quickly.  10yr yields are just a hair under 'unchanged' and 2.0 UMBS are in a similar stance (not enough liquidity yet to pin them down... could be down 0.09, up 0.03, or somewhere in between).

02:18 PM

MBS at lowest levels since before 9am, down 1-2 ticks (0.03 - 0.06) on the day and 2-3 ticks (0.06-0.09) from the highs.  Trading is pretty uneventful and MBS are just feeling some burn from persistent supply and modest intraday weakness in the broader bond market.

03:50 PM

MBS down to new lows fairly quickly (off .19) from morning highs.  10yr yields at weakest levels, up 1bp at .68%.  No overt motivation for the move in terms of news/data.  Post-3pm liquidity seems to be playing a role.

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
103-02 : -0-04
10 YR
0.6756 : +0.0086
Pricing as of 9/14/20 4:40PMEST

Today's Reprice Alerts and Updates
A recap of Alerts and Updates provided to MBS Live subscribers.
3:50PM  :  ALERT ISSUED: Negative Reprice Risk Increasing
3:07PM  :  ALERT ISSUED: Negative Reprice Considerations
2:05PM  :  MBS Giving Up Some Gains, But Uneventful Trading Day Overall

Economic Calendar
Time Event Period Actual Forecast Prior
Tuesday, Sep 15
8:30 Import prices mm (%) Aug 0.5 0.7
8:30 NY Fed Manufacturing Sep 6.00 3.70
9:15 Industrial Production (%) Aug 1.0 3.0

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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