Thu, Nov 19 2009, 11:32 AM
Thu, Nov 19 2009, 9:29 AM
WHILE THE RANGE IS STILL MODERATING TSY PRICE ACTION, RATE SHEET INFLUENTIAL PRICES ARE HITTING A CEILING (negative convexity). This implies rate shee...
Thu, Nov 19 2009, 5:00 PM
Thu, Nov 19 2009, 3:29 PM
Thu, Nov 19 2009, 1:45 PM
Wed, Nov 18 2009, 11:40 AM
Wed, Nov 18 2009, 9:30 AM
While the morning data served to bring out a bit of chopatility, 3.32% is still strong resistance and 3.37% is still strong support. Again...the data ...
Wed, Nov 18 2009, 6:09 PM
Wed, Nov 18 2009, 4:01 PM
The FN 4.0 is trading -0-04 at 99-09 yielding 4.084% and the FN 4.5 is bid -0-02 at 101-23 yielding 4.294%. The secondary market current coupon is 4....
Wed, Nov 18 2009, 1:54 PM
Tue, Nov 17 2009, 11:15 AM
Relative to yesterday's levels, MBS had a tougher time this morning than treasuries. The limits of Monday's MBS range were 101-24 on the low side and...
Tue, Nov 17 2009, 8:30 AM
The long end of the yield curve has recovered two weeks of steepening in the past two days.n 10s, buying beget more buying as open short positions wer...
Tue, Nov 17 2009, 5:01 PM
Tue, Nov 17 2009, 3:47 PM
As mortgage-backs make their way towards the exits, prices are holding near unchanged on the day. The FN 4.0 is +0-01 at 99-17 yielding 4.053% and th...
Tue, Nov 17 2009, 2:01 PM
Mon, Nov 16 2009, 10:57 AM
Mon, Nov 16 2009, 9:23 AM
The Week Ahead is busy, lots of data and Fed speakers. The trade tactic we anticipate to be a rates money mover...the unwinding of the yield curve STE...
Mon, Nov 16 2009, 5:15 PM
Mon, Nov 16 2009, 3:38 PM
As the session draws closer to close, the FN 4.0 is +0-18 at 99-22 yielding 4.035% and the FN 4.5 is +0-08 at 102-01 yielding 4.252%. The secondary m...
Mon, Nov 16 2009, 1:56 PM
Fri, Nov 13 2009, 10:59 AM
While intraday trade flows dont necessarily represent a long term strategy in the rates market, there is still reason to mark and highlight this event...
Fri, Nov 13 2009, 8:32 AM
Fri, Nov 13 2009, 5:45 PM
Fri, Nov 13 2009, 3:54 PM
Heading into the 5pm marking period, the FN 4.0 is +0-08 at 99-05 yielding 4.09% and the FN 4.5 is trading +0-08 at 101-24 yielding 4.287%. The seco...
Fri, Nov 13 2009, 1:47 PM
Thu, Nov 12 2009, 11:22 AM
Not a bad concession built into the long bond before the auction. That said, 30s are somewhat oversold at the moment, currently testing yield levels n...
Thu, Nov 12 2009, 8:36 AM
Thu, Nov 12 2009, 5:58 PM
Thu, Nov 12 2009, 3:26 PM
I've been hesitant to address this issue while I've watched it slowly unfold, but perhaps now is a good time to raise the red flag. Lackluster demand ...
Thu, Nov 12 2009, 1:28 PM
Thu, Nov 12 2009, 1:02 PM
Wed, Nov 11 2009, 9:17 AM
Tue, Nov 10 2009, 11:18 AM
Tue, Nov 10 2009, 9:20 AM
At the moment, the December FN 4.0 is +0-06 at 98-23 and the FN 4.5 is trading +0-05 at 101-08. Because we are right in the middle of the settlement p...
Tue, Nov 10 2009, 5:11 PM
Tue, Nov 10 2009, 3:46 PM
The FN 4.0 is trading +0-02 at 98-19 yielding 4.146% and the FN 4.5 is +0-02 at 101-05 yielding 4.359%. The secondary market current coupon is 4.253%...
Tue, Nov 10 2009, 1:25 PM
Tue, Nov 10 2009, 1:03 PM
Mon, Nov 9 2009, 11:21 AM
Mon, Nov 9 2009, 8:29 AM
Plain and Simple: If yield curve bargain buyers take advantage of the steep shape of the curve...the unwinding of expensive MBS valuations could be of...
Mon, Nov 9 2009, 3:14 PM
Good Afternoon everyone. Today is Notification Day in the TBA MBS market. At this point, veteran MBS commentary readers are well aware of the events t...
Mon, Nov 9 2009, 1:11 PM
The Treasury just auctioned a record $40bn in 3yr notes, $1 billion more than the October issuance. The bid to cover ratio was 3.33 bids for every one...
Fri, Nov 6 2009, 11:29 AM
Fri, Nov 6 2009, 9:46 AM
The 10yr note yield just rose to 3.54%. Hopefully we get some short covering there and a reversal. Unfortunately this is having negative effects on "r...
Fri, Nov 6 2009, 8:33 AM
Oct Non-farm Payrolls Worse than Expected at -190,000 vs. consensus -175,000 vs. Sept -219,000 (previously -263,000). Unemployment Rate: 10.2% vs. con...
Fri, Nov 6 2009, 3:32 PM
In breaking news, it has been determined that today's NFP report was all an elaborate hoax that was never intended to have any effect on the markets b...
Thu, Nov 5 2009, 12:26 PM
When the yield curve steepens, it implies interest rates will be higher in the future. If interest rates are expected to increase in the next 10 years...
Thu, Nov 5 2009, 9:24 AM
After the data, the dollar index weakened, oil prices barely budged, same with Goooooooooollld, and S&P futures ticked higher after the data....curren...
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