Tue, Jul 2 2013, 7:52 AM
After a docile session on Monday, Tuesday offers up even less by way
of economic data though might make up for some of the calendar
shortcomings w...
Tue, Jul 2 2013, 5:45 PM
Nothing happened today. It might not look
that way based on the charts considering that yesterday saw a decent
rally while today sold off a bit, ...
Tue, Jul 2 2013, 1:41 PM
Note the timestamp in the pricing snapshot below. Only a few
minutes after that, MBS and Treasuries sold off fairly quickly but
fairly moderately...
Mon, Jul 1 2013, 7:42 AM
The running consensus on when we'd see the first actual reduction in
Fed asset purchases--provided economic conditions don't change change
enough ...
Mon, Jul 1 2013, 5:11 PM
In the context of the past few weeks and months, something feels wrong
about today. Nothing is actually wrong (or actually "anything"
considering...
Fri, Jun 28 2013, 12:29 PM
The turning of the corner noted in the last alert quickly turned in to a
revisit to the highs of the day. Fannie 3.5s hit 101-15 and are
currentl...
Fri, Jun 28 2013, 7:42 AM
If market participants were into trading cards, the flavor of the month
would certainly be "cue cards." These are the things you need when
you're...
Fri, Jun 28 2013, 5:16 PM
Given all the volatility of the past 2 months--and especially the past 2
weeks--today's movements in MBS and Treasuries were relatively tame by
co...
Thu, Jun 27 2013, 12:55 PM
Coming in to today, markets were curious to see how Pending Home Sales
data would inform the discussion about an overheated housing market.
The n...
Thu, Jun 27 2013, 7:46 AM
If you were to say "QE cues" quickly out loud, it might sound like " kewy kews ." Acronyms and abbreviations
abound in the realm of market-watchi...
Thu, Jun 27 2013, 5:16 PM
At several points in the day, the improvements upon the already higher
opening levels seemed at risk of reversing--especially into the 11am and
2p...
Wed, Jun 26 2013, 12:56 PM
Please note the timestamp on the pricing snapshot below. Since then,
prices fell a bit more and we sent out one additional reprice alert to MBS Li...
Wed, Jun 26 2013, 7:49 AM
The shape of the charts yesterday is a dead giveaway on the extent to which markets continue to be hung up about the " QE on/off" trade .
While the...
Wed, Jun 26 2013, 4:49 PM
The last day MBS put in a 20 tick gain was Thursday June 6th, just
before NFP Friday. It would be excellent if we could conclude that
today meant...
Tue, Jun 25 2013, 11:29 AM
MBS Live : MBS Morning Market Summary
The trading session has actually been one of the more straightforward we've seen in the past month ...
Tue, Jun 25 2013, 8:13 AM
Economic data shows up today, and there's reason to believe that it won't be as relevant
as it otherwise might be. Chief among these reasons is t...
Tue, Jun 25 2013, 5:16 PM
For a day where 10yr Treasuries are heading out the door more than 6bps
higher than the previous day (and at the highest closing yields in
nearly ...
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 ...
MBS Market Alerts
