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MBS Prices Likely to Continue Declining

December 3, 2013 by · Leave a Comment

MBS prices were hit hard again Monday by strong manufacturing data, suggestive of still further growth to come. Both the ISM Manufacturing Survey, and the PMI Manufacturing Survey for the US showed better-than-expected strength in November, and that put a lot of pressure on MBS prices. Prices had opened worse on the day before any […]

Neutral Economic Performances

October 30, 2013 by · Leave a Comment

MBS prices had another relatively flat day yesterday, struggling mightily around the unchanged mark for much of the day before notching a very modest 9 basis point gain at the close of trading. Economic data was largely neutral, except for consumer confidence, which came in much lower than expected at 71.2 as consumers expressed their […]

Unchanged MBS Reports

October 29, 2013 by · Leave a Comment

Trade was largely neutral in MBS yesterday, with economic news giving traders very little reason to move pricing in either direction. Industrial Production was the big headline of the day, posting a 0.6% gain, but this wasn’t strong enough to move prices downwards. International markets were again non-influential. MBS prices closed down slightly after trading in […]

Short-Term Floating Recommended

October 25, 2013 by · Leave a Comment

MBS prices were little changed yesterday as an unemployment claims report little different than expectations let traders kept pricing just about where it started the day. 350,000 Americans filed claims in the prior week, a number skewed higher by continuing resolution of a backlog in California. There was a little weakness in late trading that resulted […]

The Return of the Government

October 22, 2013 by · Leave a Comment

We have a deal. After weeks of hemming and hawing, Congress and the Senate have come together to reopen government, 16 days after allowing it to shut down, lawmakers have agreed to allow government to continue operating at spending levels equivalent to those prior to the shutdown. However, the extension is short lived – it […]

Progress in Washington

October 16, 2013 by · Leave a Comment

Friday’s trade showed a complete lack of conviction from traders, with MBS prices opening to initial strong gains, only to settle back down to a slight loss on the day. The gains weren’t justified in any data, having occurred well before the only released data point of the day, consumer sentiment, which showed pessimism. The […]

Measurement of Industrial Activity

October 11, 2013 by · Leave a Comment

Optimism over a possible debt limit deal pressured MBS prices in early trade yesterday, but the losses were short lived, running out at the end of the day as rates improved to close flat with Wednesday’s trade. US data would have proven beneficial for pricing in a normal environment, but that isn’t where we’re at; 374,000 […]

Forecasting the Return of the Government

October 10, 2013 by · Leave a Comment

Pricing started the day around unchanged yesterday, and moved a bit during the day, flirting with reprices in either direction before closing 9 basis points lower than its prior close. The 10-year Treasury auction was a bit weaker than recent results, while the Fed Minutes showed belief that markets would be able to absorb tapering if […]

Limited Data and Poor Auction Impacting MBS Prices

October 9, 2013 by · Leave a Comment

MBS prices sagged yesterday, suffering from limited data and a poor auction of 3-year Treasuries, although that end of the yield curve is suffering from the government shutdown more than the longer end. Rhetoric between the two ends of the National Mall continued with no apparent progress in sight. Stocks were hit very hard, with […]

Unchanged Markets Anticipated

October 8, 2013 by · Leave a Comment

Traders weren’t willing to keep their money in fixed income yesterday, in spite of a strong surge in early trading. Prices have remained in a very narrow range over the past few trading sessions, and yesterday was no exception. There was no data of consequence on the day; news about the government shutdown and debt […]

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