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Bonds had a reasonably rough day yesterday, but most of the weakness was reserved for Treasuries. MBS managed to escape with minimal damage. There were no standout market movers although cases could be made for trade deal optimism and supply concerns (Treasury auctions and corporate issuance). There were also a few stronger economic reports in Europe overnight.
Heading into today, bonds have been on the back foot right from the start of Asian trading hours. An upbeat speech from Chinese President Xi set the tone early in the overnight session--at least for stocks. Bond Treasuries are simply in a linear pattern of pain.
It's a bit easier to see what I mean with respect to the linear move in Treasuries with them on their own chart.
In the bigger picture, this means last week's nice little move down from the consolidation range ceiling is almost perfectly erased and momentum indicators are having second thoughts about the positive signals that were intact yesterday morning.
One of our only chances for short-term salvation would be a much weaker than expected reading in today's ISM Non-Manufacturing report at 10am ET. Otherwise, it's hard to see traders getting too excited about buying bonds until after this week's auction cycle. Even then, if the trade war narrative continues heading in the same direction, it's time to go back to some of the more dire warnings of the last few weeks (like this one).
MBS Commentary
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Bonds had a reasonably rough day yesterday, but most of the weakness was reserved for Treasuries. MBS managed to escape with minimal damage. There were no standout market movers although cases could be made for trade deal optimism and sup... (read more)
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Mortgage Rate Watch
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Mortgage rates were flat to slightly higher today after dropping at fairly quick pace last week. In fact, if we're only examining one-day changes in rates, Thursday's drop was the quickest drop in months! That may sound slightly more impressive than ... (read more)
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Housing News
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Apple has joined other high-tech giants in a commitment to help alleviate a problem partially of their own making. On Monday, the Cupertino, California firm announced a $2.5 billion plan to help address the housing availability and affordability cris... (read more)
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Housing News
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While mortgage performance continues to be the best in many years , with the national delinquency rate down to 3.53 percent and record low foreclosure starts and completions, Black Knight's September data shows a few disquieting numbers. The company'... (read more)
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Rob Chrisman
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Who says there’s nothing new under the sun? Here’s a 14-year old’s clever cure for the blind spot in cars . Uber launched a new division known as Uber Money offering drivers and couriers access to a mobile bank account. Here’s... (read more)
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Housing News
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Total expenditures on construction in the U.S. moved slightly higher in September but is lagging behind year-earlier figures. The annual losses are coming solely from the private sector as publicly funding spending is moving higher in the majority of... (read more)
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