• February 15, 2023
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MBS OVERVIEW 4:00 EST – Our benchmark FNMA MBS 6.00 March Coupon is up just +3 BPS with 60 minutes left to trade. Retail Sales: We got a nice upside surprise to the January Retail Sales data. The headline reading rose by 3.0% vs. est. of 1.8%. Ex Autos it was up 2.3% vs. est.

• February 14, 2023
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MBS OVERVIEW 4:00 EST – Our benchmark FNMA MBS 6.00 March Coupon is down -21 BPS with 60 minutes left to trade. Inflation Nation: The newly formulated headline January Consumer Price Index (CPI) rose by 0.5% MOM which matched forecasts. December was revised upward from -0.1% to +0.1%. YOY, CPI was up 6.4% vs. est.

• February 13, 2023
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MBS OVERVIEW 4:00 EST – Our benchmark FNMA MBS 6.00 March Coupon is up +2 BPS with 60 minutes left to trade. There were no economic events today On Deck for Tomorrow: Consumer Price Index 10 year and MBSs today little changed awaiting tomorrow’s January consumer price index (CPI). Stock indexes had a decent day. There wasn’t any

• February 10, 2023
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MBS OVERVIEW 4:00 EST – Our benchmark FNMA MBS 6.00 March Coupon is down -36 BPS with 60 minutes left to trade. Consumer Sentiment:  The Preliminary February UofM Consumer Sentiment Index was low but it was higher than expected (66.4 vs. est. 65.0). The one year inflation expectations rose from 3.9% to 4.2% The Talking Fed:  Philadelphia Fed

• February 9, 2023
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MBS OVERVIEW 4:00 EST – Our benchmark FNMA MBS 6.00 February Coupon is down -32 BPS with 60 minutes left to trade. Jobs, Jobs, Jobs: Initial Weekly Jobless Claims once again were below 200K, this time 196K vs. est. of 190K. The more closely watched 4 week moving average dropped down below 190K to 189,250. Continuing Claims

• February 8, 2023
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MBS OVERVIEW 4:00 EST – Our benchmark FNMA MBS 6.00 February Coupon is up +9 BPS with 60 minutes left to trade.  Taking it to the House:  Weekly Mortgage Applications increased by 7.4% after falling -9.0% the prior week. Purchase Applications were up 3.1% and Refinance Applications jumped 17.7% The Talking Fed:  Fed Governor Christopher Waller warns that interest

• February 7, 2023
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MBS OVERVIEW 4:00 EST – Our benchmark FNMA MBS 6.00 February Coupon is up +16 BPS with 60 minutes left to trade. Trade Balance: This data directly goes into the GDP calculations. The December Goods and Services Trade inBalance was a deficit of $-67.4B which was very close to the consensus estimates of $-68.5B Consumer

• February 6, 2023
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MBS OVERVIEW Three Things: These are the three areas that have the greatest ability to impact your backend pricing this week. 1) The Talking Fed, 2) Treasury Dump, and 3) Central Bank Palooza 1) The Talking Fed: After last week’s shift from unconditionally-hawkish to conditionally-hawkish, the markets have hedged (bet) that they FOMC would need

• February 3, 2023
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MBS OVERVIEW 4:00 EST – Our benchmark FNMA MBS 6.00 February Coupon is down -16 BPS with 60 minutes left to trade. Jobs, Jobs, Jobs: Its Big Jobs Friday, and we certainly got much stronger than expected “data” from the BLS.You can read their official release here. Here is the Tale of the Tape: Jobs:

• February 3, 2023
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U.S. hiring roared back to life in January as the labor market remained surprisingly resilient in the face of higher interest rates, scorching-hot inflation and mounting recession fears. Employers added 517,000 jobs in January, the Labor Department said in its monthly payroll report released Friday, easily topping the 185,000 jobs forecast by Refinitiv economists. It