Fed Minutes Today at 2pm EST

Follow the markets live as the Fed Minutes are released at 2pm EST today.

It’s Fed Day. Are you ready?

If you’ve been following the MBS Commentary, you know what a big deal this afternoon could be. Markets have been preparing for it for weeks and MBS Live members have been on top of those movements every step of the way.

This afternoon, when markets are convulsing mere milliseconds after the Fed Announcement, MBS Live members will know what’s going on before anyone else. The accuracy and speed of our real-time price stream and alerts is unmatched.

MBS RECAP: Reasons For Both Hope and Caution

Today’s 10yr auction was average, but that performance followed a mid-day bond rally.  In other words, the auction likely would have been stronger if not for that rally.  On one hand, it’s encouraging to continue holding ground without a new, abrupt sell-off so far this week.  On the other hand, we really need to see a stronger commitment to rally before getting too hopeful.

Econ Data / Events

  • Fed MBS Buying 10am, 1130am, 1pm

  • Core CPI (y/y) 1.3 vs 1.4 f’cast, 1.4 prev

Market Movement Recap

08:45 AM

Weaker overnight, with Treasuries following European yields higher.  Nice little jolt of gains after the weaker CPI data, but that’s mostly unwound now.  10yr yields up 2.3bps at 1.55% and 2.5 UMBS down just over an eighth at 103-06 (103.19).

10:35 AM

MBS have been mostly flat all morning while Treasuries rallied modestly into the 9:30am NYSE open.  A bit of a weaker bounce since then.  2.5 coupons at lowest liquid levels of the day, down 6 ticks (.19) at 103-05 (103.16).  10yr back up to 1.550% after being as low as 1.533%

01:08 PM

Decent 10yr auction.  See the update for more. Intraday gains mostly holding.  10yr down 1bp at 1.52% and UMBS 2.5 within 1 tick of turning green.

03:21 PM

Not bad, not stellar.  Rally stalled a bit and 10yr yields backed up to roughly unchanged levels for the 3pm CME close.  MBS just barely weaker on the day.  Pretty uneventful considering the possibilities. 

About the Author

Chief Operating Officer,
Mortgage News Daily / MBS Live

A former originator, Matthew began writing for Mortgage News Daily in 2007, covering a wide range of topics. Seeing a need in the marketplace, his focus increasingly shifted toward relating MBS and broader financial markets for loan originators.


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By Matthew Graham , dated 2021-03-10 16:01:55

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Courtesy of Mortgage News Daily

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