Commentary at the close: As you can see on the chart above that we are no longer bumping up against the ceiling of resistance. After breaking thru on Friday we have broken back below. Time will tell what happens in the future. Let me know if you have any questions or if we can help in any way.
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.
Close 3.5% Fannie Mae 30-yr coupon up 3 bp at a price of 102.47 up 0 bp when rates were set today at 10:00 am Open 102.38 High 102.53 Low 102.47
|8:19 AM This week could be a bit less volatile given just 3 1/2 trading days and many players off for the week.|
|8:17 AM Earnings season ramps up this week with key numbers from Citigroup and JPMorgan Chase later in the week.|
|8:16 AM The Treasury will sell $24B 3-yr Notes on today, $20B 10-yr Notes tomorrow and $12B 30-yr Bonds on Wednesday.|
|8:13 AM MBS open near unchanged in the holiday shortened week. The Bond markets will close early on Thursday and both Stocks and Bonds will be closed on Friday in observance of Good Friday.|
|8:06 AM U.S. dollar index 101.14, near unchanged.|
|8:06 AM There are no economic reports due for release today and the week's calendar will see CPI, PPI and Retail Sales.|
|8:05 AM WTI oil at $52.83, +$0.58.|
|8:04 AM 10-yr T Note yield 2.38% after hitting 2.26% soon after the Jobs Report on Friday.|
|8:02 AM MBS look to open flat to slightly lower after last week's ramped up volatility. S&P futures show a near unchanged opening.|
|7:52 AM Correction: the Monthly Bond Rollover will take place after the close of trading this evening. It did not take place on Friday evening.|
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