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MBS RECAP: Abrupt Sell-Off To Begin Holiday-Shortened Week
Nov 22 2021, 4:41PM

The day began with confirmation that Fed Chair Powell would be re-nominated for another term.  Until now, there was some speculation that Fed governor Lael Brainard would take the helm, but Biden instead nominated her to be the vice chair.  Brainard is more bond-friendly than Powell.  It's fair to wonder if that was the reason for today's sell-off in bonds.  While it definitely had some impact early in the day, the bigger drama was associated with the takedown of 2 separate Treasury auctions on a Monday (they would normally be on Tuesday and Wednesday).  Regardless of the motivations, the result is a trend that now looks more upwardly sloped.  The caveat is that we always advocate taking Thanksgiving week volatility with a grain of salt.

Econ Data / Events
  • Fed MBS Buying 10am, 11:30am, 1pm

  • Existing Home Sales 6.34 vs 6.20 f'cast, 6.29 prev

Market Movement Recap
09:06 AM

Weaker overnight with another pop after Powell's re-nomination announcement.  10yr up 3.5bps at 1.582 and MBS down just over an eighth of a point.

11:43 AM

Steady weakness all morning.  MBS at new lows, down a quarter point at 102-06 (102.19).  10yr yields are up 5bps at 1.601

01:10 PM

Worst levels of the day after weaker 5yr auction.  10yr at new highs, up 6.5bps a 1.613.  MBS down 10 ticks (.31).

03:08 PM

linear selling spree continues with MBS down 3/8ths of a point and 10yr yields up nearly 8bps at 1.625%.

MBS Pricing Snapshot
Pricing shown below is delayed, please note the timestamp at the bottom. Real time pricing is available via MBS Live.
UMBS 2.5
102-01 : -0-13
10 YR
1.6290 : +0.0930
Pricing as of 11/22/21 4:41PMEST

Today's Reprice Alerts and Updates
A recap of Alerts and Updates provided to MBS Live subscribers.
3:08PM  :  ALERT ISSUED: Reprices Are Now Likely
1:13PM  :  ALERT ISSUED: Additional Negative Reprice Risk After 5yr Auction
12:53PM  :  ALERT ISSUED: New Lows; Slight Increase In Negative Reprice Risk
9:06AM  :  Modestly Weaker After Powell Confirmation

Economic Calendar
Time Event Period Actual Forecast Prior
Monday, Nov 22
10:00 Existing home sales (ml)* Oct 6.34 6.20 6.29
10:00 Exist. home sales % chg (%)* Oct +0.8 7.0
11:30 2-Yr Note Auction (bl) 58
13:00 5-Yr Note Auction (bl)* 59

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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