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MBS RECAP: 10yr Auction Easily Helps Rates Hold The Range. What Next?
Sep 8 2021, 3:44PM

Today's 10yr auction was exceptionally strong.  In fact, by the time we consider the fairly epic levels of corporate bond issuance and the looming ECB announcement, the auction was actually stronger than the already-strong stats suggested.  Actual trading levels did a good job of splitting the difference with yields most of the way back to last week's range.  The best that can be said about all of the above is that the auction helps reinforce the broader range (where 1.37+ is a ceiling level), but that the range will be re-assessed yet again on Thursday morning after the ECB announcement.

Econ Data / Events
Market Movement Recap
09:00 AM

Bonds improved overnight amid a risk-off trade led by Europe.  10yr yields are 3bps lower at 1.35% and MBS are an eighth of a point higher.

01:07 PM

Bonds building on gains after the strong 10yr Treasury auction.  Yields down 3.6bps at 1.343% and MBS are up an eighth.

03:38 PM

Bonds doing a good job of holding gains despite heavy corporate bond issuance (strong 10yr auction makes the gains logical though).  10yr yield down 4.4bps at 1.33% and 2.0 UMBS up just over an eighth of a point. Waiting on bigger things like tomorrow AM's ECB announcement. 

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
101-10 : +0-05
10 YR
1.3340 : -0.0370
Pricing as of 9/8/21 3:44PMEST

Today's Reprice Alerts and Updates
A recap of Alerts and Updates provided to MBS Live subscribers.
1:06PM  :  A+ Treasury Auction Helps Reinforce The Ceiling
10:11AM  :  Bonds Briefly Hit Weakest Levels, But Still in Positive Territory

Economic Calendar
Time Event Period Actual Forecast Prior
Wednesday, Sep 08
7:00 MBA Purchase Index w/e 258.4 259.0
7:00 MBA Refi Index w/e 3292.1 3385.8
13:00 10-yr Note Auction (bl)* 38
Thursday, Sep 09
8:30 Continued Claims (ml) w/e 2.744 2.748
8:30 Jobless Claims (k) w/e 335 340
13:00 30-Yr Bond Auction (bl) 24

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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