Mon, Feb 11 2013, 4:18 PM
By the time it's over, today will be close to the slowest day of the year. Asia was out due to holidays in Japan and China. Europe was fairly quiet an...
Fri, Feb 8 2013, 12:15 PM
MBS are tanking this morning in just about as negative a scenario as
we could imagine short of a major headline market mover. Yesterday's
headlin...
Fri, Feb 8 2013, 7:11 AM
Friday was probably already going to be a wild card, but it's made even more so due to the big, nasty snowstorm set to hit the east coast this mornin...
Fri, Feb 8 2013, 5:46 PM
Unlike the well-forecast storm in the northeast, movements in bond markets this morning were less well-telegraphed. That said, this morning's pre mar...
Thu, Feb 7 2013, 12:21 PM
Markets were apparently prepared for more economically bullish sentiments from ECB's Draghi this morning, or at least that's the superficial takeaway ...
Thu, Feb 7 2013, 7:43 AM
Heading into and out of the first Friday of most months, it's common to see volatility swell and ebb around the Employment Situation Report. Granted,...
Thu, Feb 7 2013, 4:44 PM
MBS were already having sort of a shaky day versus Treasuries, but had been doing a decent enough job of holding their ground until around 3pm. The r...
Wed, Feb 6 2013, 12:12 PM
Much like yesterday, today has been uncharacteristically slow in the context of recent volatility. Unfortunately, that slowness has served as the pla...
Wed, Feb 6 2013, 7:31 AM
Yesterday, the first thought we shared about the previous sessions was: "bond markets traded well on Monday." What a difference a day makes... Bon...
Wed, Feb 6 2013, 4:22 PM
Wax-on: solid gains throughout the day on Monday. Wax-off: gains mostly erased in Europe overnight on Tuesday. Wednesday, then, is "wax-on, risk-off"...
Tue, Feb 5 2013, 11:57 AM
MBS Live : MBS Morning Market Summary
++INSERT COMMENTARY HERE++
MBS Pricing Snapshot
Pricing shown below is delayed, please note...
Tue, Feb 5 2013, 6:06 AM
Bond markets traded well on Monday. In fact, 10 yr yields dropped more than any session since early November. Then again, they were starting out the...
Tue, Feb 5 2013, 5:08 PM
In the absence of heavy-hitting domestic considerations such as
last week's impressive slate of economic data and events (NFP, FOMC
Announcement...
Mon, Feb 4 2013, 11:42 AM
Bond markets began the day just barely in the green after a disconcerting overnight session. Things were more tenuous in the earlier morning hours wh...
Mon, Feb 4 2013, 7:02 AM
Last week was unpleasant for fans of low interest rates. We moved to multi month highs in mortgage and Treasury rates, spending the most time at " 2+...
Mon, Feb 4 2013, 4:37 PM
Perhaps less than coincidentally, the S&P just closed at it's lowest levels in more than a week on the same day that many lenders' rate sheets were at...
Fri, Feb 1 2013, 12:59 PM
Please note the timestamp on the pricing snapshot below. Bond markets have sold off a fair amount since then, breaking through the 103-16 pivot in MB...
Fri, Feb 1 2013, 6:59 PM
If this, by some happy chance, is the first time today that you've looked at bond market activity, congratulations! Knowing that we were heading into...
Thu, Jan 31 2013, 12:03 PM
Bond markets coasted into the domestic session in marginally improved territory ahead of this morning's economic data. A look at the overnight tradin...
Thu, Jan 31 2013, 7:44 AM
Sometimes opening acts are surprisingly entertaining, or perhaps even moving. But more often than not, the headliner is what you came to see and the ...
Thu, Jan 31 2013, 7:32 AM
By the time we reach the Friday of an NFP week, there's little else left to say or do besides wait for 8:30am. That's made doubly true this week due ...
Thu, Jan 31 2013, 4:54 PM
Unlike some pre-NFP Thursdays, which start to exhibit some sort of "lead-off" in either direction, today's was poster child for "calm before the storm...
Wed, Jan 30 2013, 12:03 PM
Bond markets had done a somewhat decent job of clawing back from overnight weakness by the time the domestic session got underway. The stronger-than-...
Wed, Jan 30 2013, 5:04 PM
It was quite the odd FOMC Announcement day... Here we were, planning on the week's biggest TWO events being today's FOMC Announcement and Friday's NF...
Wed, Jan 30 2013, 2:20 PM
Information received since the Federal Open Market Committee met in December suggests that growth in economic activity paused in recent months, in lar...
Tue, Jan 29 2013, 7:44 AM
Yesterday we noted that it was " almost an insult " to look out on the day ahead in terms of the events on the calendar when tradeflows and technica...
Tue, Jan 29 2013, 7:07 AM
10yr yields breaking above 2.0% was a concern for MBS market participants because of the way they adjust their portfolios to account for anticipated d...
Tue, Jan 29 2013, 6:30 PM
Whether or not we agree that the " Great Rotation " will continue to, well... rotate, its inherent themes have been playing out in markets daily. Tod...
Tue, Jan 29 2013, 1:19 PM
MBS Live : MBS Morning Market Summary
Treasuries were slightly weaker during the first part of the overnight session, but stayed under Mond...
Mon, Jan 28 2013, 11:46 AM
The only thing we can be sure of at the moment is that bond markets are in weaker territory. They were weaker overnight. They were incrementally wea...
Mon, Jan 28 2013, 7:49 AM
For bond markets, and even markets in general, things don't get much busier than they will be this week in terms of economic data, potential market mo...
Mon, Jan 28 2013, 4:26 PM
Bond markets began the session in incrementally weaker territory than Friday afternoon after having held mostly steady in Europe and Asia. Bigger mov...
Fri, Jan 25 2013, 12:06 PM
As opposed to one of those enigmatic trading days where MBS and Treasuries are moving rapidly in either direction without clearly being associated to ...
Fri, Jan 25 2013, 7:06 AM
Two Thursdays in a row have offered downside surprises for Jobless Claims, resulting in downside days for bond markets. It wasn't the end of the worl...
Fri, Jan 25 2013, 4:49 PM
Overnight, the ECB reported on the LTRO repayments for the first time since handing out the cheap 3-yr loans in late 2011. It turns out more than hal...
Thu, Jan 24 2013, 12:03 PM
Sadly, our preoccupation with the "one week anniversary" of last week's Jobless Claims sell-off, turned out to be somewhat prophetic this morning as w...
Thu, Jan 24 2013, 7:42 AM
Last Thursday was the worst day for bond markets since the first trading day of 2013, when markets were reacting to Fiscal Cliff developments after a ...
Thu, Jan 24 2013, 4:28 PM
There was a chart in the morning commentary ( THIS one, actually) that showed a long term downtrend in MBS prices as well as a few horizontal levels....
Wed, Jan 23 2013, 12:13 PM
After improving moderately in the overnight session, there hasn't been much by way of major market-moving data. The morning's only scheduled econ--FH...
Wed, Jan 23 2013, 7:31 AM
Strange things are happening in Washington, or at least that's what we're meant to believe. If the Fiscal Cliff debate was any indication, then we we...
Wed, Jan 23 2013, 4:42 PM
Today saw the passage of the House bill to extend the Debt Ceiling deadline, which moves on to a Senate that's already indicated they'll send it to th...
Tue, Jan 22 2013, 12:02 PM
MBS began the day in weaker territory, though still in line with the lows from the narrow end of Friday's range. Treasuries chopped around in a reaso...
Tue, Jan 22 2013, 7:40 AM
With around one month left before hitting the debt ceiling, markets were geared up for a sideways grind, dominated by political uncertainty. Much lik...
Tue, Jan 22 2013, 4:28 PM
German economic sentiment data came in at the highest levels since May 2010... The House may pass legislation to extend the debt ceiling deadline unt...
Fri, Jan 18 2013, 11:55 AM
After moving to disconcertingly weak levels in the Asian session, bond markets rallied back during European hours, ultimately coming in the door sligh...
Fri, Jan 18 2013, 7:10 AM
Every so often we're reminded that financial markets are staffed by real people, and depending on how it turns out, Friday could be one of those days....
Fri, Jan 18 2013, 4:45 PM
Today served the purpose we were hoping to see it serve. Volume fell, prices rose, and we were left with the sense that Thursday was in fact the last...
Thu, Jan 17 2013, 12:09 PM
While bond markets haven't fallen back to this morning's lows, neither MBS or Treasuries have been able to make it back across technical resistance le...
Thu, Jan 17 2013, 7:40 AM
Markets have been surprisingly well behaved since opening the year with an ugly little sell-off. Treasuries have been following stocks through earnin...
Thu, Jan 17 2013, 4:59 PM
After Japan's Economy Minister said the Yen had room to move up to 100.0 before becoming problematic, overnight markets started moving higher in rate....
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