Wednesday represented this week's lull in terms of scheduled market movers on the calendar. Overnight gains game courtesy of strength in EU bonds as well as burgeoning expectations for a Fed rate cut at the September meeting (now roughly 100% priced-in according to Fed Funds Futures). There were no new reasons for changes in Fed Funds Futures beyond yesterday's CPI release, so chalk it up to general tradeflow momentum. Thursday brings PPI which, while not as big a deal as CPI, can sometimes cause a noticeable reaction due to its impact on the broader PCE price index.
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- MBA refi index
- 956.2 vs 777.4 prev
- MBA Purchase Index
- 160.2 vs 158.0 prev
- MBA refi index
Steadily stronger overnight with additional gains this morning. MBS up 6 ticks (.19) and 10yr down 4.2bps at 4.248
Calmly holding gains. 10yr down 5.4bps at 4.234 and MBS up nearly a quarter point.
10yr down 5bps at 4.239. MBS up 7 ticks (.22)
MBS Market Alerts
