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MBS RECAP: Bond Market Indecision After More Vaccine News
Nov 16 2020, 3:36PM

Another Monday, another early morning announcement of staggeringly high efficacy in a covid vaccine trial.  This time, however, bonds didn't lose nearly as much ground and they recovered much more of what they lost.  Are traders more interested in buying bonds with yields at these levels or are they merely taking their time navigating what promises to be a long and curvy path back from the depths of the pandemic?  Yes...

Econ Data / Events
Market Movement Recap
08:47 AM

Bonds were modestly stronger for most of the overnight session, but sold off after Moderna's vaccine trial news just before 7am.  The damage was minimal compared to last week's Pfizer news and we've recovered a bit after weaker econ data.  10yr is currently up less than 1bp on the day at .906% and 2.0 UMBS are up 2 ticks (.06) at 103-12 (103.375).

12:45 PM

2-way trading in MBS all day, but in a fairly narrow range.  Most recently, prices are slipping a bit heading into the PM hours.  The trading range isn't wide enough to worry about that too much, but we are at the lows of the day.  Treasuries are fairly calm, but there is a modest uptrend in yields since Friday morning (from .87% then to .906% now).  There have been no obvious cause/effect moves in bonds.  The 9:30am NYSE open was the only possible exception, but it was more noticeably a deal for stocks (initial selling, then a bounce that coincided with Treasury yields bouncing at their best domestic session levels).

03:28 PM

The calm, sideways vibes remain intact for the bond market with both MBS and Treasuries adhering to the same ranges for a majority of the day.  There are no noticeable market movers in play after this morning's vaccine news.

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
103-11 : +0-01
10 YR
0.9060 : +0.0130
Pricing as of 11/16/20 3:33PMEST

Today's Reprice Alerts and Updates
A recap of Alerts and Updates provided to MBS Live subscribers.
8:29AM  :  From Gains to Losses on Moderna Vaccine News

Economic Calendar
Time Event Period Actual Forecast Prior
Monday, Nov 16
8:30 NY Fed Manufacturing Nov +6.3 12.75 10.50
Tuesday, Nov 17
8:30 Import prices mm (%) Oct 0.2 0.3
8:30 Export prices mm (%) Oct 0.3 0.6
8:30 Retail Sales (%)* Oct 0.5 1.9
9:15 Industrial Production (%) Oct 1.0 -0.6
10:00 NAHB housing market indx Nov 85 85
10:00 Business Inventories (% ) Sep 0.6 0.3

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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