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MBS RECAP: Bonds Sticking to Year-End Script
Dec 30 2020, 2:43PM

Bonds did a perfect job sticking to their year-end script today.  It reads: "ZZZzzz..."  MBS made some token gains during the AM hours, but not to such an extent that we should feel compelled to investigate.  Treasuries were rallying at the same time as an upgraded stimulus package seems to be a non-starter in the Senate.  The bond market's attention has already shifted to the far more significant Georgia senate run-off election day on January 5th.

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

  • Chicago PMI 59.5 vs 57.0 f'cast, 58.2 prev

  • Pending Home Sales -2.6 vs 0.0 f'cast, -0.9 prev

Market Movement Recap
08:56 AM

Light volume and light liquidity led to Treasuries being pushed around just a bit in the overnight session--first weaker, then stronger.  Yields are roughly unchanged now at the start of the domestic session.  UMBS are mixed with 2.0 coupons up a tick (0.03) and 1.5 coupons down by the same amount.

10:08 AM

No discernible impact from data.  Small, friendly mystery move at 9:55am likely related to month/year-end trading. 10yr yields down less than 1bp at .935.  UMBS 1.5 coupons are up 1 tick (0.03) at 100-28 (100.875).

02:37 PM

After modest gains in the morning hours, MBS have given back a few ticks.  That leaves the day-over-day improvement at just under an eighth of a point.  10yr yields are down 1.4bps to .928.  None of the above is cause for excitement, concern, or a care in the world.

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
103-23 : +0-03
10 YR
0.9260 : -0.0090
Pricing as of 12/30/20 2:41PMEST

Today's Reprice Alerts and Updates
A recap of Alerts and Updates provided to MBS Live subscribers.
10:08AM  :  Mostly Sideways With No Clear Inspiration

Economic Calendar
Time Event Period Actual Forecast Prior
Wednesday, Dec 30
9:45 Chicago PMI * Dec 59.5 57.0 58.2
10:00 Pending Sales Index Nov 125.7 128.9
10:00 Pending Home Sales (%) Nov -2.6 0.0 -1.1
Thursday, Dec 31
8:30 Continued Claims (ml) w/e 5.390 5.337
8:30 Jobless Claims (k) w/e 833 803

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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