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MBS RECAP: Token Gains, Light Volume, Early Close
Dec 31 2020, 1:55PM

Bond market focus remains on the Georgia senate run-off election day on January 5th.  Today was a non-event... a place holder in the grand scheme.  Any movement today was bound to be incidental.  As it happened, that movement was friendly, albeit only modestly.  Expect bigger movement in the middle-to-end of next week as GA election results roll in.  Happy New Year!

Econ Data / Events
Market Movement Recap
09:29 AM

Mostly unchanged overnight, slightly weaker at the open and rallying back to unchanged presently.  10yr yields at .926 and UMBS 1.5 coupons +0.03 at 100.94.  All movement should be assumed to be incidental and without momentum implications unless otherwise noted.

01:48 PM

Nice move in MBS, mid-day, but not for any particular reason apart from supply/demand imbalances courtesy of the Fed and sleepy holiday-week trading activity (i.e. the Fed is still a big buyer, but sellers are harder to find, so prices go up).  This wasn't necessarily a given.  Month-end traders could have had some selling to do, but since they didn't, this is what we get.  UMBS 1.5 coupons closing out the year at the highest prices of the month, up 6 ticks (.19) at 101-03 (101.09).

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
103-31 : +0-08
10 YR
0.9180 : -0.0080
Pricing as of 12/31/20 1:54PMEST

Today's Reprice Alerts and Updates
A recap of Alerts and Updates provided to MBS Live subscribers.
9:38AM  :  Unchanged After Modest Weakness and Modest Rally

Economic Calendar
Time Event Period Actual Forecast Prior
Monday, Jan 04
10:00 Construction spending (%) Nov 0.9 1.3
Tuesday, Jan 05
10:00 ISM Mfg Prices Paid Dec 65.7 65.4
10:00 ISM Manufacturing PMI * Dec 56.5 57.5
Wednesday, Jan 06
7:00 MBA Purchase Index w/e 316.3
7:00 MBA Refi Index w/e 4169.0
10:00 Factory orders mm (%) Nov 0.6 1.0
Thursday, Jan 07
8:30 International trade mm $ (bl) Nov -64.5 -63.1
10:00 ISM N-Mfg PMI * Dec 54.6 55.9
Friday, Jan 08
8:30 Non-farm payrolls (k)* Dec 100 245
8:30 Unemployment rate mm (%)* Dec 6.8 6.7
10:00 Wholesale inventories mm (%) Nov 0.4 -0.1
15:00 Consumer credit (bl) Nov 9.00 7.23

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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