October 3rd, 2016
End of the day commentary:
Not much action again today in the Mortgage Bond market as prices drifted slightly lower. Today's better than expected ISM Service Index weighed on Bond prices, but a decline in Stocks couldn't lift prices.
The 3% Fannie Mae 30-yr coupon fell 9bp to end at 103.88. Stocks ended lower pressured by lower big bank shares due to the Deutsche Bank fallout.
The Dow lost 54.30 points to 18,253.85, the S&P 500 was down 7.07 points to 2,161.20, while the Nasdaq fell 11.12 points to end the session at 5,300.87. WTI oil closed at $48.81/barrel, +$0.57. 10-yr T Note yield 1.62%. There are no economic reports due for release tomorrow, but be mindful of the Jobs Report coming this Friday.
Below is the news when it happened and the market’s reaction. All Times are Eastern Standard Time.
3:59 PM - Despite a lower session for Stocks, MBS unable to produce gains.
3:41 PM - Fed's Mester says there is a compelling case for moving the Fed funds rate up gradually; all meetings including November are live; does not see the U.S. economy overheating.
3:19 PM - Fed's Dudley says the central bank should be cautious in raising interest rates, given limits on its ability to respond to a recession with borrowing costs near zero percent.
3:03 PM - Stocks decline as investors fret about big banks.
1:16 PM - At midday, MBS flat to lower, Stocks dropping. 10-yr T Note yield 1.61%. WTI oil $48.56/barrel, +$0.32.
12:26 PM - MBS trade in a tight range again today.
11:07 AM Indexes below posted
10:21 AM - Stocks cutting some losses. MBS near session lows.
10:01 AM - The September ISM Index 51.5 vs the 50.4 expected and above the 49.4 recorded in August.
9:31 AM - Stocks begin the week lower.
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9:18 AM - MBS drifting lower.
9:14 AM - U.S. dollar index 95.54, +0.15.
9:13 AM - The 4th quarter of 2016 is upon us.
9:13 AM - WTI oil $48.35/barrel, near unchanged.
9:07 AM - 10-yr T Note yield 1.59%.
8:58 AM - This week's economic data will center on the labor market with Wednesday's ADP Private Payrolls and Friday's Non-farm Payrolls report.
8:57 AM - The ISM Index will be released at 10:00 am.
8:54 AM - S&P futures lower.
8:52 AM - MBS open near unchanged to begin the week.
8:31 AM - The market will be open shortly. We are experiencing some technical difficulties.