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MBS RECAP: Uneventful Afternoon After Strong Data Sends Yields Higher
Sep 16 2021, 3:54PM

Today's key development was the duo of much stronger economic reports at 8:30am (Philly Fed and Retail Sales).  Indeed, this accounted for the only interesting moments of the day.  5 minutes later, both MBS and Treasuries weakened to levels that persisted through the 3pm CME close.  Bottom line: quick adjustment due to the data and then a sideways grind that reinforced the broader sideways-to-slightly-weaker range.

Econ Data / Events
  • Fed MBS Buying 10am, 1130am, 1pm

  • Retail Sales 0.7 vs -0.8 f'cast, -1.1 prev

  • Jobless Claims 332k vs 330k f'cast

  • Philly Fed Index 30.7 vs 18.8 f'cast

Market Movement Recap
08:35 AM

flat in Asia, then inconsequentially higher in yield during European hours, but losing ground quickly after significantly stronger data (Retail Sales and Philly Fed).  10yr yields up 3.4bps at 1.338 and MBS down .19 (6 ticks)

02:04 PM

Sideways and uneventful trading all day following this morning's sell-off.  Surprisingly calm and boring... MBS down roughly a quarter of a point and 10yr yields up 2.7bps at 1.331.

03:49 PM

Still sideways after the 3pm CME close with 10yr and MBS both trading at the same levels seen 3 minutes after this morning's econ data.  

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
101-01 : -0-09
10 YR
1.3360 : +0.0320
Pricing as of 9/16/21 3:54PMEST

Today's Reprice Alerts and Updates
A recap of Alerts and Updates provided to MBS Live subscribers.
8:35AM  :  ALERT ISSUED: Bonds Losing Ground After Stronger Data

Economic Calendar
Time Event Period Actual Forecast Prior
Thursday, Sep 16
8:30 Retail Sales (%)* Aug +0.7 -0.8 -1.1
8:30 Philly Fed Business Index * Sep 30.7 18.8 19.4
8:30 Jobless Claims (k) w/e 332 330 310
10:00 Business Inventories (% ) Jul 0.5 0.5 0.8
Friday, Sep 17
10:00 5yr Inflation Outlook (%) Sep 2.9
10:00 1yr Inflation Outlook (%) Sep 4.6
10:00 Consumer Sentiment Sep 72.0 70.3

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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