• April 18, 2023
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MBS OVERVIEW 4:00 EST – Our benchmark FNMA MBS 6.00 May Coupon is down -5 BPS with 60 minutes left to trade. Domestic Flavor: Taking it to the House: March Building Permits dropped from an annualized pace of 1.55M units down to 1.413M. Housing Starts moved from 1.432M down to 1.420M. The good news for

• April 17, 2023
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MBS OVERVIEW 4:00 EST – Our benchmark FNMA MBS 6.00 May Coupon is down -20 BPS with 60 minutes left to trade. Rosie the Riveter: The April Empire State Manufacturing Index surprised to the upside with a very respectable reading of 10.8 vs. est. of -18.0 following March’s massive loss of -24.6. Taking it to

• April 14, 2023
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MBS OVERVIEW 4:00 EST – Our benchmark FNMA MBS 6.00 May Coupon is down -35 BPS with 60 minutes left to trade. Retail Snails: Headline March Retail Sales showed another monthly decline, contracting by -1.0% vs. est. of -0.4%. Ex Autos, it was down -0.8% vs. est. of -0.3% and the Control Group shrank by

• April 13, 2023
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MBS OVERVIEW 4:00 EST – Our benchmark FNMA MBS 6.00 May Coupon is up +5 BPS with 60 minutes left to trade. Inflation Nation: The headline March PPI was much lighter than expected, decreasing by -0.5% vs. est. of 0.0% on a MOM basis and 2.7% vs. est. of 3.0% on a YOY basis. When

• April 12, 2023
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MBS OVERVIEW 4:30 EST – Our benchmark FNMA MBS 6.00 April Coupon is up +3 BPS with 30 minutes left to trade. Inflation Nation: The headline March CPI was lighter than expected, rising by 0.1% vs. 0.3% on a MOM basis and 5.0% vs. est. of 5.2% on a YOY basis. However, when you strip

• April 11, 2023
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MBS OVERVIEW 4:00 EST – Our benchmark FNMA MBS 6.00 April Coupon is up +3 BPS with 60 minutes left to trade. Glass Half Empty: The March NFIB Business Optimism Index dropped from 90.9 to 90.1. Treasury Dump: We kicked off three days of dumping our debt into the marketplace with our shorter term 3

• April 10, 2023
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MBS OVERVIEW 4:00 EST – Our benchmark FNMA MBS 6.00 April Coupon is down -3 BPS with 60 minutes left to trade. The Talking Fed: In the New York Fed’s March Survey of Consumer Expectations, inflation expectations are on the rise once again, especially the short-term as the Median inflation expectations increased by 0.5 percentage

• April 7, 2023
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MBS OVERVIEW Jobs, Jobs, Jobs: Its BIG JOBS Friday! You can read the official BLS report here. Here is the Tale of the Tape: Jobs: March Non Farm Payrolls (NFP) 236K vs. est. of 240K February NFP revised from 311K to 326K January NFP revised from 504K to 472K The rolling three month average is

• April 7, 2023
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U.S. hiring slowed in March as the once rock-solid labor market began to soften in the face of high interest rates and stubborn inflation.  Employers added 236,000 jobs in March, the Labor Department said in its monthly payroll report released Friday, mostly in line with the 239,000 jobs forecast by Refinitiv economists. The unemployment rate, meanwhile,

• April 6, 2023
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MBS OVERVIEW 4:00 EST – Our benchmark FNMA MBS 6.00 April Coupon is up +0 BPS with 60 minutes left to trade. Jobs, Jobs, Jobs: The March Challenger Job Cuts saw an uptick to 89,703 vs. Feb’s pace of 77,770. Initial Weekly Jobless Claims were higher than expected, up 228K vs. est. of 200K, however