Listen Live
Saturday’s: 9AM 1590 AM/97.9 FM KVTA
Sunday’s: 7AM K-EARTH 101 FM
Listen Live
Saturday’s: 9AM 1590 AM/97.9 FM KVTA
Sunday’s: 7AM K-EARTH 101 FM
MBS OVERVIEW
4:00 EST – Our benchmark FNMA MBS 6.00 March Coupon is up just +3 BPS with 60 minutes left to trade.
Retail Sales: We got a nice upside surprise to the January Retail Sales data. The headline reading rose by 3.0% vs. est. of 1.8%. Ex Autos it was up 2.3% vs. est. of 0.8%. The Control Group (which feeds into GDP) was up 1.7% vs. est. of 0.3%
Rosie the Riveter: February Empire Manufacturing PMI showed yet another contraction, -5.8 but it was better (less worse) than expectations and much better than January’s reading of -32.9. January Industrial Production was flat at 0.0% vs. est. of 0.5%. Capacity Utilization was also a miss at 78.3% vs. est. of 79.0%.
Taking it to the House: Weekly Mortgage Applications dropped by -7.7%. Refinances tanked by -12.5% and Purchases were down by -5.5%. The NAHB index rose from 35 to 42 but still well below 50.
Treasury Dump: We had a 20 year bond auction today at 1:00. $15B went off at a high yield of 3.977% with a bid-to-cover ratio of 2.54
On Deck for Tomorrow: Initial Weekly Jobless Claims, Housing Starts and Building Permits, Philly Fed Manufacturing, PPI, Core PPI
