Mon, Jun 24 2013, 11:34 AM
MBS Live: SPECIAL ALERT
We began the trading session today in MBS with liquidity conditions possibly WORSE than they were on May 27th, 2009--ak...
Mon, Jun 24 2013, 6:22 AM
Those whose pulses and pocketbooks are somewhat tied to bond
markets have enjoyed an era of unprecedented yields, both in terms of
outright leve...
Mon, Jun 24 2013, 5:13 PM
Bond markets were awakened just before the domestic session, not by a
bucket of cold water, but more like some evil crucible of lava and
ill-tempe...
Fri, Jun 21 2013, 11:30 AM
Bond markets are in a bad way... One constant theme we're hearing from traders has been the liquidity problems.
That means that bets are all over ...
Fri, Jun 21 2013, 8:29 AM
Not that economic data was our enemy on Thursday (more to do with
follow through from Wednesday), but today we have no data, and a day
behind us w...
Fri, Jun 21 2013, 5:28 PM
For those of us whose lives are intertwined by mortgage markets, these
are dark times. The 3-day sell-off just seen in MBS (or Treasuries for
tha...
Thu, Jun 20 2013, 12:50 PM
Please note the timestamp of the pricing snapshot below. The Mid-Day
commentary will occasionally be delayed when prices are volatile in the
11am...
Thu, Jun 20 2013, 7:08 AM
It will be hard for today not to have something of an anticlimactic
feel after seeing another nail driven into the QE coffin that magically
appe...
Thu, Jun 20 2013, 5:46 PM
Tough day for the modern era of ultra-low rates in ultra-compressed
ranges. It feels like a long time until July 5th NFP and even longer
until Se...
Wed, Jun 19 2013, 12:11 AM
By the end of this long MBS Commentary post, you'll see that all the MBS/Treasury trauma in May was already laid out by Bernanke on
March 20th . ...
Wed, Jun 19 2013, 11:46 PM
The report below was automatically generated at 4:09pm Eastern time. I didn't send it out at that time due to THIS POST
appearing shortly before ...
Wed, Jun 19 2013, 3:45 PM
On June 5th, before the most recent ADP report, and with an eye toward NFP on the
upcoming Friday, I laid out the reasons that we should not expect ...
Wed, Jun 19 2013, 2:05 PM
Information received since the Federal Open Market Committee met in March May suggests that economic activity has been expanding at a moderate pace...
Wed, Jun 19 2013, 1:28 PM
MBS Live: MBS Morning Market Summary Please note the timestamp on the pricing snapshot below (and that this mid-day recap will typically be delayed o...
Tue, Jun 18 2013, 11:29 AM
Bond markets were weaker overnight, resulting in MBS opening up about 5
ticks weaker vs yesterday's latest levels. Volume and liquidity have
been...
Tue, Jun 18 2013, 6:40 AM
It would be nigh on impossible for anything that happens today to serve
as a mere appetizer to Wednesday's main course: the FOMC Announcement,
Eco...
Tue, Jun 18 2013, 5:06 PM
The day is winding down with MBS and Treasuries in roughly unchanged
territory vs yesterday's latest levels. Morning economic data proved to
be a...
Mon, Jun 17 2013, 11:20 AM
So far this week, we're being treated to the "all things being equal"
approach to Wednesday's tremendously important FOMC Events. In the few
days...
Mon, Jun 17 2013, 7:19 AM
The theme of " honing in " is everywhere in financial markets
and in the universe beyond. It goes by many names and can be thought of
in many way...
Mon, Jun 17 2013, 5:07 PM
Most of this afternoon's drama is extensively relayed in the catalogue
of alerts and updates below. To recap that recap, an article from the
Fina...
Fri, Jun 14 2013, 12:44 PM
If we're not meant to see current prices in MBS and Treasuries as
resistance, markets are doing and exceptional job of trying to convince
us other...
Fri, Jun 14 2013, 6:53 AM
Everything in bond markets since May 3rd has been a blur-- the bad kind- -and
the leading candidate to provide clarity is next week's FOMC events
...
Fri, Jun 14 2013, 5:35 PM
The sense of anxiety and uncertainty is palpable. Almost in perfect
unison, when the lunch bell rang, traders in equities and bond markets
alike ...
Thu, Jun 13 2013, 11:41 AM
After a volatile overnight session with heavy losses in Japanese
equities facilitating lower global stock prices and bond yields, US
Treasuries be...
Thu, Jun 13 2013, 6:36 PM
MBS Live: MBS Afternoon Market Summary MBS and Treasuries had already been trading well into the PM hours--the stronger economic data of the morning ...
Thu, Jun 13 2013, 6:00 AM
To be clear, today's 30yr Bond Auction isn't officially the "last of the Treasury auctions," but it will be the last one this week . On those occasi...
Wed, Jun 12 2013, 11:07 AM
Bond markets made it to the domestic session with yesterday's gains
mostly intact, but struggled a bit in early trading. The movement has
all bee...
Wed, Jun 12 2013, 7:43 AM
As we discussed yesterday morning, the afternoon's 3yr Treasury
auction stood a chance to garner the first significant reaction to a 2
or 3yr auct...
Wed, Jun 12 2013, 5:26 PM
After a brief pause for reflection following yesterday's 3yr auction,
bond markets were back in business and actually able to begin the
session ri...
Tue, Jun 11 2013, 11:58 AM
Volatility continues to keep MBS prices and Treasury yields on their toes, dancing back and forth over unchanged levels, but this is a relative bless...
Tue, Jun 11 2013, 5:56 PM
Today was Class A 48-hour day for MBS, meaning that prices in the
table below are outdated and have been replaced by July MBS prices going
forward...
Tue, Jun 11 2013, 5:40 AM
Negative sentiment for broader bond markets came out with both guns blazing this week as the pre -NFP
range that frustratingly continued to be the ...
Mon, Jun 10 2013, 11:31 AM
For Fannie 3.5s and 10yr Treasuries, the trading levels that finally
offered support at the end of Friday's sell-off, have turned into
resistance ...
Mon, Jun 10 2013, 7:58 AM
Tensions remain high in the upcoming week as last Friday's Employment
Situation Report failed to clearly suggest that the Fed would
legitimately c...
Mon, Jun 10 2013, 4:13 PM
Despite 10yr yields rising more than 3bps (up over 2.20% !), MBS were slightly improved by the 3pm Treasury close and look to be heading out the door ...
Fri, Jun 7 2013, 5:33 AM
There's typically very little to say that hasn't already been said come NFP morning. Although that's certainly true today, yesterday's weird price ...
Fri, Jun 7 2013, 4:40 PM
Following MBS is a tricky business. On the one hand, traders who are
rooting for MBS, do so from a spread standpoint, where the ups and downs
of ...
Fri, Jun 7 2013, 1:06 PM
Both Treasuries and MBS are weaker at the moment after hard-fought
volatility this morning. Immediately following the NFP release, both
sides of ...
Thu, Jun 6 2013, 6:59 AM
Today is the last before the event we've been waiting for since May 22nd. It was that dose of unexpectedly candid taper talk from Bernanke (later e...
Thu, Jun 6 2013, 4:36 PM
Do markets know something that we don't know? That's a tempting
question to ask after witnessing what was probably the most significant
global ma...
Thu, Jun 6 2013, 2:05 PM
The morning has been intense in terms of the " unseen hand " causing massive market movements. I talk a lot about "tradeflows
and technicals" movin...
Wed, Jun 5 2013, 11:42 AM
There was perhaps more volatility than MBS markets would have liked
following this morning's weaker-than-expected ADP Employment numbers.
Private...
Wed, Jun 5 2013, 7:55 AM
It's a sign of the times when fringy (no negative connotation here; merely refers to edge of spectrum) non-voting FOMC members express their fringy op...
Wed, Jun 5 2013, 6:17 PM
The blood-letting in MBS continued today in terms of price gains
relative to broader rates markets. For instance, 10yr Yields were
roughly 6 bps ...
Tue, Jun 4 2013, 12:29 PM
After a relatively uneventful overnight session, bond markets kicked off
the domestic hours unchanged from yesterday's close, but started
slipping...
Tue, Jun 4 2013, 6:23 PM
Despite being near their best historical levels compared to Treasuries
in the long run, MBS are at their weakest relative levels of performance
si...
Tue, Jun 4 2013, 6:11 AM
Tuesday is the last day of the week without a major potential tape
bomb on the economic calendar. Thursday is arguably in that same boat,
but see...
Mon, Jun 3 2013, 11:45 AM
Even though a case could be made for some technical exhaustion amid the
recent, pervasive sell-off, the morning's data has certainly played a
part...
Mon, Jun 3 2013, 7:41 AM
It's not the shortest week of the year, but it might as well be. By far and away, the most significant event
will occur on Friday with Non-Farm P...
Mon, Jun 3 2013, 4:21 PM
Though MBS began the day in weaker territory than Treasuries, they were
able to (eventually) keep pace with much of the rally that followed this
m...
MBS Market Alerts
