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Traders Running For Sidelines Ahead of Next Week's Election
Big losses in both stocks and bonds today as traders take their seats for next week's big show. Month-end trading volumes were huge. It was the single biggest trading day since June. After 2016, no one wants to be anything other than nimble on election week.
Econ Data / Events
20min of Fed 30yr UMBS Buying 10am, 1130am (M-F) and 1pm (T-Th)
Core PCE Inflation, annual 1.5 vs 1.7 f'cast, 1.4 prev
Chicago PMI 61.1 vs 58.0 f'cast, 62.4 prev
Market Movement Recap
09:00 AM Mixed performance overnight amid heavy volume. Stronger in Asia. Weaker in Europe. Nearly unchanged to start the domestic session and slightly stronger since then. No reaction to data. A few big, obvious, month-end trades helping so far.
03:59 PM Bonds and stocks both lost ground in a fairly big way in the morning hours as traders decided they'd much rather be in cash heading into election week. Mid-day hours were fairly flat and weakness returned at the 3pm CME close. Month-end volume was massive--biggest in 4+ months--adding emphasis to the bond market's defensive approach to the week ahead.
MBS Commentary
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Traders Running For Sidelines Ahead of Next Week's Election
Big losses in both stocks and bonds today as traders take their seats for next week's big show. Month-end trading volumes were huge. It ... (read more)
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Mortgage Rate Watch
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It was a bit of a bittersweet day for mortgage rates . On the one hand, it was the Fed's first day buying a new category of mortgage-backed bonds--one that would help pave the way for rates to move gradually lower if the broader bond market remains i... (read more)
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Housing News
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Both GSEs reported financial results for the third quarter of 2020 that were significantly higher than both their Q2 2020 and their 2019 numbers . Fannie Mae's net and its comprehensive incomes were $4.2 billion and Freddie Mac's net and comprehensiv... (read more)
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Housing News
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The number of loans in COVID-19 related forbearance plans rose during the past week, driven by both an increase in new plans and significantly fewer borrowers exiting from the program. Black Knight said its weekly survey found a net increase of 31,00... (read more)
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Rob Chrisman
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Happy X/XXX/XX if you are a Roman. Rome certainly had its share of slaves, and the existence of slavery in one’s family has certainly caused consternation in the present day as buildings are renamed and statues are torn down. Companies that mad... (read more)
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Housing News
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Hidden in the Q3 report on Gross Domestic Product (GDP) on Thursday, which showed a rebound of 33.1 percent from the 31.4 percent loss in Q2 was news of some real growth. Robert Dietz, chief economist of the National Association of Home Builders poin... (read more)
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