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Listen Live
Saturday’s: 9AM 1590 AM/97.9 FM KVTA
Sunday’s: 7AM K-EARTH 101 FM
MBS OVERVIEW Our benchmark FNMA MBS 6.00 July Coupon is currently down -11 BPS. Rosie the Riveter: May Durable Goods were much stronger than expected with the headline reading rising by 1.7% vs. est. of a contraction of -1.0%. Ex Transportation, it was up 0.6% vs. est. of -0.1% and Non Defense Capital Goods Ex
READ MOREMBS OVERVIEW Our benchmark FNMA MBS 6.00 July Coupon is currently up just +6 BPS. Rosie the Riveter: The June Dallas Fed Manufacturing Survey continued to slump with a contractionary reading of -26.5 which follow May’s very weak -29.1. Treasury Dump: We kicked off three days of dumping our debt into the marketplace with our
READ MOREMBS OVERVIEW Our benchmark FNMA MBS 6.00 July Coupon is currently up +19 BPS. Markit Down: The June Markit Flash PMIs showed Manufacturing at 46.3 vs. est. of 48.5 and Services PMI at 54.1.0 vs. est. of 54.0 Not a lot of data this week other than housing news. The week headlined by Jerome Powell’s
READ MOREMBS OVERVIEW Our benchmark FNMA MBS 6.00 July Coupon is currently down at -23 BPS. Taking it to the House: May Existing Home Sales were 4.30M units on an annualized basis vs. est. of 4.250M. The Talking Fed: Fed Chair Powell completed two days of testimony. This time to the Senate Banking Committee. There were
READ MOREMBS OVERVIEW Domestic Flavor: Taking it to the House: Weekly Mortgage Applications were flat at 0.5%. Refinances were down -2.1% and Purchases were up 1.5%. The Talking Fed: Fed Chair Powell will give his Semiannual Monetary Policy report to the Committee on Financial Services in the House today at 10 am ET. We already have
READ MOREMBS OVERVIEW Our benchmark FNMA MBS 6.00 July Coupon is currently flat at +2 BPS. Taking it to the House: May Building Permits were higher than expected as the annualized number hit 1.491M vs. est. of 1.423M and a small gain from April’s pace of 1.417M. Housing Starts were a big surprise to the upside,
READ MOREMBS OVERVIEW Our benchmark FNMA MBS 6.00 July Coupon is currently down -5 BPS. Consumer Sentiment: The preliminary June UofM Consumer Sentiment Index hit 63.9 vs est of 60.0. The 5 year inflation expectations moved from 3.1% to 3.0% and the 1 year inflation expectations dropped from 4.2% down to 3.3% The Talking Fed: Fed
READ MOREMBS OVERVIEW Our benchmark FNMA MBS 6.00 July Coupon is currently up 34 BPS. Retail Sales: The May headline Retail Sales showed a MOM increase of 0.3% vs. est. of -0.1%. Ex Autos, they were 0.1% which matched expectations and the Control Group was up 0.2% vs. est. of 0.0%. Jobs, Jobs, Jobs: Initial Weekly
READ MOREMBS OVERVIEW 3:30 EST – Our benchmark FNMA MBS 6.00 July Coupon is down -21 BPS with 90 minutes left to trade. The Talking Fed: The FOMC “paused” their path of raising their Fed Funds Rate and kept it at 5.25% but signaled future hikes ahead, making this a “hawkish pause”. You can read the
READ MOREMBS OVERVIEW Taking it to the House: We saw a nice bounce in Weekly Mortgage Applications after several weeks of declines. Total Applications were up 7.2% with Purchases up 7.6% and Refinances up 6.0% Inflation Nation: The May Headline Producer Price Index (PPI) showed a MOM contraction of -0.3% vs. est. of -0.1%. YOY, it
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