February 10th, 2017
What Is Going On With Interest Rates? #wigowir
Below is the news when it happened and the market’s reaction. For a full view of the day start at the bottom and work your way up. If want to know what just happened start at the top. All Times are Eastern Standard Time. When the price of Mortgage Backed Securities (MBS) goes down rates go up, and when the price goes up rates come down. Remember in the bond market Bad News is Good News and Good News is Bad news.
1:21 PM At midday, MBS flat, Stocks holding solid gains. 10-yr yield 2.40%.
11:47 AM MBS at session highs as the Fed purchases MBS in the open market.
10:59 AM New York Fed will be purchasing up to $1.825B in Fannie/Freddie 30-yr 3.5s and 4s beginning at 11:15 a.m. ET.
10:41 AM Stocks at fresh record highs.
10:02 AM February preliminary Consumer Sentiment 95.7 vs 97.9 expected and below the final January reading of 98.5.
9:42 AM Stocks open higher, Dow +63 points.
8:42 AM U.S. dollar index 100.86, +0.20.
8:42 AM The only economic report due for release today is February Consumer Sentiment at 10:00 a.m. ET.
8:38 AM Oil prices rise after it was reported that OPEC has complied with a record 92% of targeted cuts in production. WTI at $53.89/barrel, +$0.88.
8:36 AM S&P futures modestly higher after the Dow (20,172), Nasdaq (5,715) and the S&P (2,307) closed at record highs yesterday.
8:35 AM The 10-yr T Note yield at 2.42% from yesterday morning's low of 2.32%.
8:33 AM The sell off in Bonds yesterday, which was touched off President Trump's tax talks, continues this morning as prices edge lower and yields push higher.
8:18 AM The Monthly Bond Rollover took place last night after the close of trading with the effect being -22bp for the Fannie Mae 30-yr 3.5% coupon.
Johnmarbury.com has attempted to verify the information contained on this post. However any aspect of such may change without notice. Johnmarbury.com does not provide investment advice and does not represent that any of the information or related analysis is accurate or complete at any time. On October 5th we started posting our rates and leaving them on the site for you to refer back to. This will allow you see where actual rates have been along with the news that caused the fluctuations on the rate sheet. I ask that you forgive my spelling and grammatical mistakes. This is due writing skills that are lacking and the need to communicate quickly. Most of the information posted on this blog along with the charts and indexes are available all during the day to the subscrbers of www.themortgagemarketguide.com The cost of subscription is very reasonable.