September 19, 2021

MP Now News

Mortgage News

Abandon Hope, All Ye Who Float Overnight

Fed Minutes Today at 2 p.m. EST

Follow the markets live as the Fed Minutes release today at 2 p.m. EST.

It’s Fed Day. Are you ready?

If you followed the MBS comment, you know what This afternoon could be a big deal. Markets were prepare for it for weeks and MBS Live members have followed these movements every step of the way.

This afternoon, when markets are shaken just milliseconds after the Fed announcement, MBS Live members will know what’s going on before anyone else. The accuracy and speed of our real-time price streams and alerts is unmatched.

MBS RECAP: Give up hope, everyone who floats overnight

We are applying for approval to build our own Pirates of the Caribbean cruise at MBS Live headquarters. There will be more waterfalls and they will be sharper. Finally, we map the slope based on bond prices. We’ll even stick to some familiar elements like the “giving up hope” sign. That was certainly the message the bond market sent to today’s floaters. For more thoughts on movement, see the day ahead comment. See the Lock / Float section for specific thoughts on strategy.

Econ data / events

  • Fed MBS purchase 10 a.m., 11:30 a.m., 1 p.m.

  • Philly Fed 51.8 vs 23.0, 23.1 back

  • Unemployment claims 770k vs 700k f’cast, 725k prev

Market Movement Review

8:36 am

Bonds crushed into massive volume overnight. 10 year return up to 1.754 at highs, currently 1.74%. MBS from 3/8 point.

1:26 p.m.

Very calm and sideways after the opening weakness. Nothing else to report than a modestly refreshing down-to-earth approach.

4:04 pm

Today sets a kind of record for the most striking juxtaposition of overnight weakness and domestic session stability. Treasuries tried to rebound a little when stocks fell near the NYSE, but that didn’t last long. The returns are 7 + bps higher at 1.72%. MBS have remained unchanged since the last update and are only half a point weaker on this day.

About the author

Operations manager,
Mortgage News Daily / MBS Live

Matthew, a former creator, started writing for Mortgage News Daily in 2007, covering a wide range of topics. When he saw a need in the marketplace, his focus increasingly shifted to the relationship between MBS and broader financial markets for lenders. …

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