Recap of Previous Session
- Big 'Ol Sell-Off yesterday following hit after hit from the "recovery monster."
- ISM and Construction Spending both exceeded expectations following a strong overnight session.
- Par-Nertia prevailed as range simply moderated
- All MBS Price weakness is a function of adherence to yield curve. In and of themselves, Mortgages handily outperformed tsy's
- Range Trade, Range Trade, Range Trade...
The AM So Far
- 10 yr futures contracts continue range trade
- Personal Income down 1.3, more than forecast, spending in at .4 versus forecast of .3
- Pending home sales to come at 10AM
- Is it weird that a triangle is "homing in on PAR?"
- More PAR-nertia, more range trade, as MBS battle for both of the aforementioned versus necessary adjustments to the yield curve and an ever decreasing overhead room (spread)
TREASURY RELEASES FIRST MONTHLY REPORT ON SERVICER PERFORMANCE
MBS Market Alerts
