Thu, Sep 23 2010, 11:12 AM
I don't want you to think I am panicking about a sell off and consequential spike in mortgage rates though. Overall the environment remains supportive...
Thu, Sep 23 2010, 9:00 AM
After the data flashed the yield curve flattened another 4bps, 2s/10s are now at 207bps. The benchmark 10yr note yield has moved below 2.50% resistanc...
Thu, Sep 23 2010, 8:28 AM
Interest rates are holding near yesterday's lows as equity futures traded lower in the overnight session following news that Ireland’s GDP fell at an ...
Thu, Sep 23 2010, 6:14 PM
With both the FNCL 4.0 (103-00) and the 10yr TSY note (2.50%) trading near firm resistance levels, I continue to favor locking deals closing in the ne...
Wed, Sep 22 2010, 11:48 AM
The 2s/10s yield is another 6bps flatter at 210bps wide, production MBS coupons are trading to shorter hedge ratios, and benchmark 10s have moved all ...
Wed, Sep 22 2010, 8:34 AM
Treasuries experienced a broad rally yesterday including the benchmark 10-year note shedding 13 basis points to 2.58% while 2-year yields created a fr...
Tue, Sep 21 2010, 12:40 PM
The fact that we are pointing toward the same reason as an explanation for the behavior of two different markets creates a lot of crosswinds and confu...
Tue, Sep 21 2010, 12:09 PM
The November FNCL 4.0 is trading 10/32 higher at 102-16, this is the high print of the day. Loan pricing is 32bps better vs. what lenders were offerin...
Tue, Sep 21 2010, 8:38 AM
Housing Starts improved 10.5% in August, again on the back of the multi-family market, which rose by 39,000 annualized units or 32%. Single-family st...
Tue, Sep 21 2010, 8:21 AM
Interest rates are marginally lower and equity futures are roughly flat ahead of key housing data and the afternoon release of the policy statement fr...
Tue, Sep 21 2010, 2:48 PM
Price action was extremely choppy following the release of the FOMC statement. Since the initial knee jerk reaction, benchmark interest rates have ra...
Tue, Sep 21 2010, 2:17 PM
"Information received since the Federal Open Market Committee met in August indicates that the pace of recovery in output and employment has slowed in...
Mon, Sep 20 2010, 10:34 AM
Rate sheet influential MBS coupons are lower and wider in a "bid wanted" trading environment. This suggest demand for production MBS is still M.I.A a...
Mon, Sep 20 2010, 8:44 AM
New economic data is scant this morning but the focus all week will be housing, kicked off by the release of the homebuilder sentiment survey. U.S. s...
Mon, Sep 20 2010, 4:56 PM
Rate sheet influential MBS coupons totally reversed course this afternoon after getting whacked as week began. The November FNCL 4.0 went out +8/32 at...
Mon, Sep 20 2010, 1:36 PM
Rate sheet influential MBS coupons are off their lowest prices and widest spread levels of the session. The November FNCL 4.0 is currently +0-03 at 10...
Fri, Sep 17 2010, 12:45 PM
Rate sheet influential MBS coupon prices have fallen back to their session lows. The FNCL 4.0 is -0-04 at 102-01. REPRICES FOR THE WORSE ARE POSSIBLE
Fri, Sep 17 2010, 8:40 AM
Led by energy prices, CPI rose 0.3% in August. This was slightly higher than forecast but pretty much on the screws when you back away and look at the...
Fri, Sep 17 2010, 8:25 AM
Both interest rates and equity futures are improving this morning as investor spirits got a bump from better-than-anticipated earnings from Oracle and...
Thu, Sep 16 2010, 10:15 AM
I bet secondary desks who were waiting to pair off a few hedges are now breathing a sigh of relief as production coupon prices are following benchmark...
Thu, Sep 16 2010, 8:06 AM
Equity futures are marginally weaker and interest rates are smidge lower this morning ahead of key data on inflation, weekly jobless claims, foreign a...
Thu, Sep 16 2010, 5:24 PM
The most obvious development of the day in the bond market was the steeper shape of the TSY yield curve. 2s/10s ticked as wide as 230bps before bargai...
Thu, Sep 16 2010, 2:52 PM
REPRICES FOR THE WORSE HAVE BEEN REPORTED but the FNCL 4.0 is back in its range and a few reprices for the better have been passed along, not too many...
Wed, Sep 15 2010, 10:03 AM
Is everyone enjoying added chopatility in the bond market? Loan pricing certainly traveled a long distance over the course of the last week. What's f...
Wed, Sep 15 2010, 8:19 AM
Both benchmark interest rates and equity futures are weaker ahead of manufacturing data this morning, which is expected to report a slowdown at regio...
Wed, Sep 15 2010, 3:03 PM
REPRICES FOR THE WORSE REPORTED. REPRICES FOR THE WORSE REPORTED.
Wed, Sep 15 2010, 1:11 PM
Rate sheet influential MBS are holding up a bit better than TSY, but prices are still 6 ticks off the morning highs, when some lenders took down their...
Tue, Sep 14 2010, 8:57 AM
Sales at U.S. retailers posted their largest gain in five months in August on strong receipts at gasoline stations and clothing outlets, further assua...
Tue, Sep 14 2010, 8:24 AM
Markets are hesitant to head in either direction ahead of the U.S. retail sales report.
Two hours before the opening bell, S&P 500 futures are down...
Tue, Sep 14 2010, 4:52 PM
At this point we are seeking to discover a new range, or move back into the old one. Either way the market needs to define its parameters. Clearly 10s...
Mon, Sep 13 2010, 11:54 AM
The pain trade continued to play itself out in bonds as the week got started in overseas markets last night. General slowness and a "buyers wanted" e...
Mon, Sep 13 2010, 8:52 AM
The week ahead is pretty busy as far as new data goes. Retail sales, industrial production, and inflation data will be highlights.
Fri, Sep 10 2010, 8:53 AM
One hour before the opening bell, S&P 500 futures are up 3.00 points to 1,105.50 and the 10 year Treasury note is -0-10 at 98-18 yielding 2.792% (+3.3...
Fri, Sep 10 2010, 4:13 PM
AHHHHHHH ALERT ALERT!!! MBS PRICES ARE TANKING!!! ALERT!!!
Fri, Sep 10 2010, 1:12 PM
Even for a Friday, pricing got whacked today! Rebate is 41.6bps worse in the last 48 hours. Week over week isn't any better. Reductions are robust acr...
Thu, Sep 9 2010, 12:38 PM
We'll get the results of the $13 billion long bond auction in about 20 minutes. Ahead of issuance, rate sheet influential MBS coupons are just off the...
Thu, Sep 9 2010, 8:36 AM
Initial Jobless Claims and International Trade data has been released, the results were not bond market friendly.
Thu, Sep 9 2010, 8:25 AM
Ninety minutes before the opening bell, S&P 500 futures are +3.50 points to 1,102.75 while Dow futures are 26 points higher at 10,418. So far in Septe...
Thu, Sep 9 2010, 3:24 PM
MBS prices are officially 8 ticks below lender loan pricing marks.
REPRICES FOR THE WORSE REPORTED
Thu, Sep 9 2010, 1:07 PM
While traders tried their hardest to cheapen up this issue over the past two days, this was still the third lowest "high-yield" on record for a long b...
Wed, Sep 8 2010, 8:13 AM
Benchmark Treasury and rate sheet influential MBS prices are moving lower ahead of a busy events calendar today. On the schedule: the Beige Book, 10-...
Wed, Sep 8 2010, 1:02 PM
Treasury just auctioned $21 billion 10 year notes. Auction demand was healthy, thanks to one group of bidders specifically, and the market has respon...
Tue, Sep 7 2010, 11:45 AM
You've earned back much of what you lost on Friday, but I would remain defensive of rebate improvements until 10s break 2.645% resistance and stocks c...
Tue, Sep 7 2010, 8:41 AM
September began on a strong note last week as the Dow jumped almost 3%, or 297 points. Whether the strength continues this week could depend on the Fe...
Fri, Sep 3 2010, 12:48 PM
A slow econ calendar and pending Treasury issuance combined with a short term bias to chase returns in the equity market imply interest rates will ris...
Fri, Sep 3 2010, 8:30 AM
Nonfarm payroll employment changed little (-54,000) in August, and the unemployment rate was about unchanged at 9.6 percent, the U.S. Bureau of Labor ...
Fri, Sep 3 2010, 8:13 AM
Markets are roughly flat Friday morning ahead of the widely anticipated employment report for August, which at 8:30 eastern time is set to show that j...
Thu, Sep 2 2010, 12:42 PM
The way I view it, the hoard of $$$ that has gone long Treasuries would just love it if NFP prints worse than expected. Not only could they add to the...
Thu, Sep 2 2010, 8:27 AM
Interest rates are modestly higher this morning after equities closed nearly 3% higher Wednesday.
Ninety minutes before the opening bell, S&P 500 f...
Wed, Sep 1 2010, 10:12 AM
Stocks are rallying and the bond market is taking a beating after a much better than expected read on the manufacturing sector.
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