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Listen Live:
Saturday’s: 9AM
Fox Sports Ventura
1590 AM/97.9 FM KVTA
Sunday’s: 7AM K-EARTH 101 FM
Inflation Nation: The August Headline PCE increased by 0.4% on a MOM basis which is DOUBLE the increase in July but it was lower than market expectations of 0.5%. YOY, it was up 3.5% which matched expectations. Core PCE (ex food and energy) increased by 0.1% which was less than market expectations of 0.2%. YOY, it
READ MOREWRAP UPUMBS 6.0: 98.70 (+30bps)10yr yield: 4.58 Bonds had a strong recovery today on some dovish Fed member comments and weak consumer spending data, mainly a correction from being over sold. This is not a reversal, and if you saw reprices better today you should take them, it’s not likely gains continue much tomorrow. After
READ MORERates will continue to test the high water mark, and reprice risk today is low. The outlook is that rates will hold near the highs or even creep higher, with zero chance that we see a significant drop in rates anytime soon (“significant”, to me, means .25% or more). Treasury yields continue to climb, and
READ MORERate sheets this morning likely to be similar or slightly better than yesterday, and reprice risk on the day is moderate. Bonds showing some signs of recovery this morning, but nothing to get too excited about. Rates have quickly moved up to match this years highest levels already after the Fed meeting, but I think
READ MOREWRAP UPUMBS 6.0: 99.03 (-30bps)10yr yield: 4.50 The good news is that bonds didn’t get much worse than this mornings levels, the bad news is that they didn’t improve either (and are not likely too). I think it will get worse before it gets , so am still in a lock bias, although I do
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READ MORERate sheets this morning likely to be similar to yesterday, ahead of what is likely to be a lively afternoon for bonds. Reprice risk on the day is high, although we’ll have to wait for the dust to settle before we get a clearer picture of where rates are headed from here. I believe the likelihood
READ MORERate sheets this morning likely to show pricing similar to yesterday’s open, and worse than the many reprices better that we saw yesterday. Reprice risk on the day is low, we could see some recovery in bonds that would help some lenders issue better pricing as the day goes one (like we saw yesterday) but
READ MORERate sheets will be at least slightly worse this morning, unless we see a reversal for mortgage bonds from early losses due to overnight trading. Reprice risk on the day is low, other than the handful of wholesale lenders who reprice when a mouse farts, most lenders won’t see bonds move enough to have to
READ MOREWRAP UPUMBS 6.0: 99.58 (-33bps)10yr yield: 4.33 Well, that’s a wrap. It’s tough to come up with any reason to be floating here that doesn’t include hoping and praying… hoping the Fed meeting and press conference go our way, praying rates fall a bit. I’m not saying it can’t happen, I’m just saying that I
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