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MBS RECAP: MBS Outperform; Bonds Stay Defiantly Sideways Overall
Sep 24 2020, 3:14PM

The stock market tried a few different moves on the bond market today and while correlation is still visible at times, Treasuries generally refused to be dragged very far from home.  MBS did just a bit better, benefitting from light supply at today's Fed buying operations.

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

  • Jobless Claims 870k vs 840k f'cast, 866k prev

  • Continued Claims 12.58m vs 12.75m prev

  • New Home Sales 1.011m vs 895k f'cast, 965k prev (highest in 14 years)

Market Movement Recap
08:47 AM

Bonds were modestly stronger overnight, staying in line with stock market weakness as stimulus remains elusive.  S&P futures down .75%.  10yr yields down 1 bp to .67%.  And 2.0 UMBS up 2 ticks (0.06) to 103-03 (103.09).  No reaction to jobless claims data.

01:19 PM

No major changes for bonds for the entire day so far.  7yr Auction went fine (solid "B").  Stocks have been pushing higher since the NYSE open, but bonds haven't cared too much.  10yr yields still at .67%.  MBS up another tick to 103-04 (103.125).

03:03 PM

MBS squeezed a bit higher in the afternoon after a morning of lighter supply at Fed buying operations (under 7 billion offered in each session versus higher volume days that range from 8-11 billion).  2.0 coupons now up 5 ticks (.16) at 103-05 (103.16)


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
103-05 : +0-05
Treasuries
10 YR
0.6659 : -0.0101
Pricing as of 9/24/20 3:12PMEST

Today's Reprice Alerts and Updates
A recap of Alerts and Updates provided to MBS Live subscribers.
1:18PM  :  No Major Reaction to 7yr Auction; Stocks Starting to Push Higher

Economic Calendar
Time Event Period Actual Forecast Prior
Thursday, Sep 24
8:30 Continued jobless claims (ml) w/e 12.580 12.300 12.628
8:30 Jobless Claims (k) w/e 870 840 860
10:00 New home sales-units mm (ml)* Aug 1.011 0.895 0.901
10:00 New home sales chg mm (%)* Aug 4.8 -0.1 13.9
13:00 7-Yr Note Auction (bl)* 50
Friday, Sep 25
8:30 Nondefense ex-air (%)* Aug 0.5 1.9
8:30 Durable goods (%)* Aug 1.5 11.4

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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