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.
Wed, Sep 1 2010, 8:47 AM
MBS valuations were also given a boost when the FOMC Minutes revealed the Fed had discussed the notion of reinvesting MBS prepays back into the TBA MB...
Wed, Sep 1 2010, 8:21 AM
The first day of September looks to open strongly while investors await key data on employment and manufacturing.
About ninety minutes before the ope...
Tue, Aug 31 2010, 12:26 PM
Have you seen loan pricing today? When we took down indications and updated our model with BE offers from the majors, our first reaction was: THERE IS...
Tue, Aug 31 2010, 7:57 AM
After experiencing a sizable sell off on Friday, the bond market spent the day yesterday in recovery mode. Prices of U.S. Treasuries rallied across th...
Tue, Aug 31 2010, 5:44 PM
Yesterday we heard banks were buying back MBS hedges. This means lock desks were actively reducing their pipeline coverage (forward hedges) to account...
Mon, Aug 30 2010, 12:02 PM
Rate sheet influential MBS coupons have rallied more than 8 ticks from where they opened at the session lows. The October delivery FNCL 4.0 is current...
Mon, Aug 30 2010, 7:38 AM
The first Friday of a new month is upon us, that means the official Employment Situation Report is just ahead. Because this data provides an in-dept...
Mon, Aug 30 2010, 3:56 PM
My point: after reprices for the better, loan pricing is 13.3bps better than it was last Monday (on average). In fact, loan pricing is just about as a...
Fri, Aug 27 2010, 11:16 AM
Stocks initially sold to the lows of the week after Bernanke's speech flashed across wires but buyers were quick to take advantage of cheap prices. S&...
Fri, Aug 27 2010, 10:04 AM
FED PREPARED TO PROVIDE ADDITIONAL STIMULUS IF NECESSARY, ESPECIALLY IF OUTLOOK WEAKENS SIGNIFICANTLY
Fri, Aug 27 2010, 7:24 AM
The Commerce Department is due to release its second estimate of GDP at 8:30 a.m. The GDP data follows a series of disappointing reports on the housi...
Fri, Aug 27 2010, 4:22 PM
A brief market wrap and a few observations heading into the weekend...
Thu, Aug 26 2010, 10:48 AM
If you've been reading along over the past week you know I've been calling for the recent interest rate rally to reverse course. Poor housing data pr...
Thu, Aug 26 2010, 8:06 AM
Rate sheet influential MBS coupons are following benchmark Treasury prices higher ahead of Weekly Jobless Claims data at 830am. The October delivery F...
Thu, Aug 26 2010, 1:13 PM
This was the best auction of the week. Indirect bidders were the primary source of auction demand. Indicating overseas real money buyers are still cha...
Wed, Aug 25 2010, 7:53 AM
Good Morning. Benchmark interest rates held onto yesterday's improvements in the overnight trading session as global equity markets extended their los...
Wed, Aug 25 2010, 2:01 PM
FNCL 4.0s just fell from new record high prices, led by profit taking in the long end of the yield curve and localized weakness in the belly. With "ra...
Tue, Aug 24 2010, 10:00 AM
US JULY EXISTING HOME SALES 3.83 MLN UNIT ANNUAL RATE (CONS 4.70 MLN) VS JUNE 5.26 MLN (PRV 5.37)-NAR
Tue, Aug 24 2010, 8:35 AM
Stock futures are weaker and benchmark interest rates are experiencing a flight to safety ahead of what is expected to be another foul read on the hea...
Tue, Aug 24 2010, 5:44 PM
Although agency MBS greatly lagged benchmark Treasuries today, price levels rose enough for lenders to improve rebate (so they could work on filling t...
Mon, Aug 23 2010, 12:15 PM
Stocks have given back early session gains and "rate sheet influential" MBS coupon prices just hit new session highs. Loan pricing is 16.4bps worse on...
Mon, Aug 23 2010, 10:27 AM
Plain and Simple: it's any ones guess what mortgage rates do on a day over day basis, investing outlooks are extremely non-committal and recent behav...
Mon, Aug 23 2010, 8:46 AM
The data calendar is semi-busy in the week ahead but gets off to a slow start. Existing Home Sales, Durable Goods Orders, and New Home Sales highlight...
Fri, Aug 20 2010, 8:15 AM
The October FNCL 4.0 is currently +0-01 at 102-18. 4.0s are +106bps off the 10yr note, wider to start the day. I expect to see profit taking in TSYs a...
Fri, Aug 20 2010, 1:03 PM
We have yet to perform a thorough analysis on loan pricing this week. Now seems like a good time...
Thu, Aug 19 2010, 10:32 AM
Econ data surprised to the downside, stocks are selling through support levels, Treasury longs are reaffirming a "buy on the dips" bias, and rate shee...
Thu, Aug 19 2010, 7:59 AM
U.S. Treasuries traded sideways early in the overnight session but cheapened after the German Bundesbank raised their 2010 growth outlook from +1.9% ...
Wed, Aug 18 2010, 11:40 AM
Stocks are super cheap vs. bonds, we get auction supply terms tomorrow from the Treasury (2s, 5s, 7s), and the econ calendar is thin for the rest of t...
Wed, Aug 18 2010, 8:40 AM
Markets are relatively calm this morning after equities climbed more than 1% Tuesday. One hour before the opening bell, Dow futures are trading 4 poin...
Tue, Aug 17 2010, 11:58 AM
Equity markets are rallying out of oversold territory and benchmark interest rates are retracing gains that forced the long end of the curve even dee...
Tue, Aug 17 2010, 8:24 AM
Benchmark interest rates are higher and equity futures are rallying ahead of key housing, price level, and production data. In addition, the Treasury ...
Mon, Aug 16 2010, 8:41 AM
The week ahead brings new data on manufacturing, housing sentiment and construction, industrial production and producer costs. Last week, the Dow shed...
Mon, Aug 16 2010, 4:54 PM
On Thursday I said this rally has gone too far way too fast, but then on Friday positions were added and the curve rallied a little more. This continu...
Fri, Aug 13 2010, 10:48 AM
10s are holding their bid as it appears the overbought status of the flatter yield curve has yet to draw out enough profit taking to deter supportive"...
Fri, Aug 13 2010, 10:22 AM
A packed schedule of economic data awaits skeptical investors this morning. Before the data, stocks are down for the fourth consecutive day even in li...
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