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MBS RECAP: Bonds Still Struggling. 10yr Staging For a Bigger Move?
May 11 2021, 4:02PM

After holding ground admirably overnight despite the pull of weaker bond market in Europe, Treasuries and MBS lost ground in the first few hours.  By 9:40am, we'd seen the weakest levels of the day and everything was exceptionally sideways after that.  Damage was minimal in the big picture (10yr yield up less than 2bps by the 3pm close and MBS down just over an eighth of a point), but the concern is that bonds could be staging for a bigger move depending on the outcome of tomorrow's data and 10yr Treasury auction.

Econ Data / Events
Market Movement Recap
08:48 AM

Stronger in Asia, but European yield spike pulled US yields higher.  Stock selling mitigated some of the damage.  Now just barely weaker in the first domestic hour with 10s less than 1bp higher and MBS down only 1 tick (0.03).  No significant data or news so far.

10:09 AM

additional weakness starting around 9:30 on a mini-glut of corporate bond deals.  10yr up 2bps and MBS down 6 ticks (.19).  

02:11 PM

More or less perfectly flat since 10am with 10yr yields hugging the 1.62% technical level and MBS remaining in 5-6 ticks (.16-.19) weaker on the day.  3yr Treasury auction was a non-event.  Same story for numerous Fed speakers.


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
101-03 : -0-03
Treasuries
10 YR
1.6220 : +0.0200
Pricing as of 5/11/21 4:02PMEST

Today's Reprice Alerts and Updates
A recap of Alerts and Updates provided to MBS Live subscribers.
9:39AM  :  ALERT ISSUED: Losing Ground at The NYSE Open (More Corporate Bonds)
8:41AM  :  Slightly Weaker to Start, Despite Stock Selling

Economic Calendar
Time Event Period Actual Forecast Prior
Tuesday, May 11
13:00 3-Yr Note Auction (bl) 58
Wednesday, May 12
7:00 MBA Purchase Index w/e 274.5
7:00 MBA Refi Index w/e 3188.7
8:30 Consumer Price Index (CPI) (%)* Apr 0.2 0.6
8:30 Core CPI (Annual) (%)* Apr 2.3 1.6
13:00 10-yr Note Auction (bl)* 41

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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