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...
Fri, May 31 2013, 12:19 PM
Most of the pertinent details of the morning have been covered in
the previous 'special alert.' The recap below fills in the blanks with
more spe...
Fri, May 31 2013, 10:14 AM
As a courtesy to our readers who aren't yet subscribers to MBS Live , we wanted to bring you an early update this morning as conditions have grown ...
Fri, May 31 2013, 7:37 AM
After an eerily uncommon two days in a row of gains, bond markets will face off with an old friend: ' month-end .' This tends to be a supportive time...
Fri, May 31 2013, 6:04 PM
If we consider the worst 5-week batches of time for production MBS, and
even if we allow late 2010 to combine the worst 5 weeks spanning
November ...
Thu, May 30 2013, 12:45 PM
The morning so far has been a simple one. Treasuries traded in their
most narrow range of the week overnight, though lost some ground into
the do...
Thu, May 30 2013, 7:42 AM
Jobless Claims at 8:30am will be the key release of the morning,
unless GDP manages to surprise. Either way, 8:30am is the focal point and
we'd e...
Thu, May 30 2013, 4:57 PM
Today was a pretty straightforward one as far as the bounce back from
Tuesday's mega sell-off is concerned. There was a fair chance Tuesday's
low...
Wed, May 29 2013, 12:28 PM
After overnight weakness in bond markets (both foreign and domestic),
Treasuries plodded back to unchanged territory. 10yr yields had been as
hig...
Wed, May 29 2013, 7:38 AM
Yesterday was the worst day for MBS and mortgage rates since ' Black Wednesday ,' on May 27, 2009. A lot has changed in those four years and a lot of...
Wed, May 29 2013, 6:33 PM
There's not much to discuss this afternoon as far as organic market
motivations are concerned. That's a funny way of saying that the
"stuff" that...
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