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Saturday’s: 9AM 1590 AM/97.9 FM KVTA
Sunday’s: 7AM K-EARTH 101 FM
07/28/23 4:30pm ET WRAP UPUMBS 5.5: 99.30 (+38bps)10yr yield: 3.96 After a rough ride, mtg bonds about the same levels we ended with on Tuesday. I told you not to panic yesterday, although we won’t yet see the full recovery on most rate sheets unless we get a positive start Monday, bonds have recovered a
READ MORERate sheets this morning should be a bit better than yesterday, and reprice risk on the day is low. Strong economic data this morning put a damper on things… jobless claims coming in lower than expected pointing to a strong labor market, 2nd qtr GDP data showing the economy is nowhere near a recession, and
READ MORERate sheets this morning likely slipping a bit from yesterday as bonds lose ground early. Reprice risk today is low, the losses will already be on the day’s rate sheet and the real fireworks come tomorrow after the Fed meeting. Today brings consumer confidence data at 10am ET though, which could see morning rate sheets
READ MORERate sheets this morning likely pretty similar to Friday, as bonds settle in to the calm before the storm. Reprice risk today is low, with nothing in the way of economic data to shake things up and a muzzle still on all the Fed speakers ahead of this week’s Fed meeting. Likely that rates tread
READ MOREMBS OVERVIEW Our benchmark FNMA MBS 6.00 August Coupon is currently up +8 BPS. Retail Sales: We got a mixed bag with the June data. The headline Retail Sales were lighter than expectations, 0.2% vs. est. of 0.5% but May was revised higher from 0.3% to 0.5%. Ex Autos, Retail Sales were up 0.2% vs.
READ MOREMBS OVERVIEW Our benchmark FNMA MBS 6.00 August Coupon is currently up +11 BPS. Rosie the Riveter: The July NY Empire Manufacturing Index surprised to the upside in the Fed’s district, showing expansion of 1.1 vs. est. of 0.0. It is that index’s second straight month of growth. Yellen is Yelling: Treasury Secretary Janet Yellen
READ MOREMBS OVERVIEW Our benchmark FNMA MBS 6.00 August Coupon is currently down -28 BPS. Genco Olive Oil: Import and Export Prices both dropped more than expected. Import Prices MOM were down -0.2% vs est of -0.1% and were down -6.1% on a YOY basis. Export Prices MOM were down -0.9% vs est of -0.2% and
READ MOREMBS OVERVIEW Our benchmark FNMA MBS 6.00 August Coupon is currently up +42 BPS. Inflation Nation: The June headline Producer Price Index was weaker (better) than expected, rising by just 0.1% vs. est. of 0.2%, plus the prior month was revised lower to -0.4%. YOY, it was up 0.1% vs. est. of 0.4%. Core PPI
READ MOREMBS OVERVIEW Our benchmark FNMA MBS 6.00 July Coupon is currently up +57 BPS. Taking it to the House: Weekly Mortgage Applications eked out a small gain of 0.9% even though mortgage rates shot up during that period. Purchases were up 1.8% and Refinances were down -1.3%. Inflation Nation: The June headline Consumer Price Index
READ MOREMBS OVERVIEW Half Full: The June NFIB Small Business Optimism Index increased from 89.4 to 91.0 and beat out forecasts of 89.9. The June IBD/TIPP Economic Optimism will hit at 10 am. The Talking Fed: St. Louis Fed President Bullard will speak today. Treasury Dump: We kick off three days of dumping our debt into
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