• June 23, 2023
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MBS OVERVIEW Our benchmark FNMA MBS 6.00 July Coupon is currently up +19 BPS. Markit Down: The June Markit Flash PMIs showed Manufacturing at 46.3 vs. est. of 48.5 and Services PMI at 54.1.0 vs. est. of 54.0 Not a lot of data this week other than housing news. The week headlined by Jerome Powell’s

• June 22, 2023
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MBS OVERVIEW Our benchmark FNMA MBS 6.00 July Coupon is currently down at -23 BPS. Taking it to the House: May Existing Home Sales were 4.30M units on an annualized basis vs. est. of 4.250M. The Talking Fed: Fed Chair Powell completed two days of testimony. This time to the Senate Banking Committee. There were

• June 21, 2023
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MBS OVERVIEW Domestic Flavor: Taking it to the House: Weekly Mortgage Applications were flat at 0.5%. Refinances were down -2.1% and Purchases were up 1.5%. The Talking Fed: Fed Chair Powell will give his Semiannual Monetary Policy report to the Committee on Financial Services in the House today at 10 am ET. We already have

• June 20, 2023
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MBS OVERVIEW Our benchmark FNMA MBS 6.00 July Coupon is currently flat at +2 BPS. Taking it to the House: May Building Permits were higher than expected as the annualized number hit 1.491M vs. est. of 1.423M and a small gain from April’s pace of 1.417M. Housing Starts were a big surprise to the upside,

• June 16, 2023
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MBS OVERVIEW Our benchmark FNMA MBS 6.00 July Coupon is currently down -5 BPS. Consumer Sentiment: The preliminary June UofM Consumer Sentiment Index hit 63.9 vs est of 60.0. The 5 year inflation expectations moved from 3.1% to 3.0% and the 1 year inflation expectations dropped from 4.2% down to 3.3% The Talking Fed: Fed

• June 15, 2023
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MBS OVERVIEW Our benchmark FNMA MBS 6.00 July Coupon is currently up 34 BPS. Retail Sales: The May headline Retail Sales showed a MOM increase of 0.3% vs. est. of -0.1%. Ex Autos, they were 0.1% which matched expectations and the Control Group was up 0.2% vs. est. of 0.0%. Jobs, Jobs, Jobs: Initial Weekly

• June 14, 2023
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MBS OVERVIEW 3:30 EST – Our benchmark FNMA MBS 6.00 July Coupon is down -21 BPS with 90 minutes left to trade. The Talking Fed: The FOMC “paused” their path of raising their Fed Funds Rate and kept it at 5.25% but signaled future hikes ahead, making this a “hawkish pause”. You can read the

• June 14, 2023
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• realestate

MBS OVERVIEW Taking it to the House: We saw a nice bounce in Weekly Mortgage Applications after several weeks of declines. Total Applications were up 7.2% with Purchases up 7.6% and Refinances up 6.0% Inflation Nation: The May Headline Producer Price Index (PPI) showed a MOM contraction of -0.3% vs. est. of -0.1%. YOY, it

• June 13, 2023
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MBS OVERVIEW 4:40 EST – Our benchmark FNMA MBS 6.00 June Coupon is down -19 BPS with 60 minutes left to trade. Inflation Nation: Is inflation cooling? No. Is it worse than expected? No. The Headline May CPI MOM reading showed yet another increase, this time by 0.1% vs. est. of 0.2%. YOY, CPI was

• June 12, 2023
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MBS OVERVIEW 3:30 EST – Our benchmark FNMA MBS 6.00 June Coupon is up +14 BPS with 90 minutes left to trade. Treasury Dump: We had two auctions today. The 3 year note saw $40B go off at a high yield of 4.202% and a bid-to-cover ratio of 2.70. The 10 year note saw $32B