Complete Silence After AM Volatility
Bonds were mostly flat overnight before a sharp sell-off from 8am through 10am ET. After that, momentum went flat again--especially the last 4 hours of trading. No one is still debating whether or not the AM sell-off was due to Japan's central bank news or a post-holiday return to reality. Yields are back in the pre-Thanksgiving range and ready to respond to this week's bigger-ticket econ reports.
Econ Data / Events
ISM Manufacturing Employment (Nov)
44.0 vs -- f'cast, 46.0 prev
ISM Manufacturing PMI (Nov)
48.2 vs 48.6 f'cast, 48.7 prev
ISM Mfg Prices Paid (Nov)
58.5 vs 59.5 f'cast, 58.0 prev
Market Movement Recap
09:27 AM Mostly flat overnight but selling steadily since 8am. MBS down a quarter point and 10yr up 6.9bps at 4.084
11:09 AM No reaction to ISM data. Holding at weakest levels. MBS down 9 ticks (.28) and 10yr up 7.6bps at 4.09
02:34 PM Steady at weakest levels. MBS still down 9 ticks (.28) and 10yr up 7.9bps at 4.093
Asset-Based Loan, Loss Mit, Verification, AI-Native Execution; On-Site Events for your Calendar; Inflation Data
One of the panels during this year’s California MBA Western Secondary focused on the ramp up of non-Agency/equity lending. Why has it increased as a portion of the overall residential origination pie? It is attributed to a changing economy and changing…