Black & Blue Friday…

  • November 29, 2013

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I am sure most of you are recovering from an early morning shopping spree. Unlike many retailers today, the Bond Market did not have a long line of investors waiting to purchase mortgage-backed securities(MBS). Maybe we should have a sale…

  • The market was closed yesterday for the Thanksgiving holiday after a sell off caused a late afternoon re-price Wednesday. Economic data consistently performed better than forecasted and it hit the MBS market hard.
  • The MBS market opened slightly lower due to low trading values. Apparently bond investors don’t camp out for early morning deals.
  • The higher coupons remain headline sensitive especially with headlines regarding Fed tapering and the nomination of Mel Watt. Sale on HARP-able bonds aisle 8.
  • Treasuries fell overnight extending their first monthly loss since August. This move is based on speculation a U.S. jobs report due out next week will be strong enough to question the Federal Reserve’s bond buying program. Maybe it’s time to talk about a budget.

Next week everyone should return from their turkey induced stupor. The economic calendar is full of employment data that investors have been eagerly awaiting.

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