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: Tame Treasury Auctions. What’s Up With New NOO/2nd Fees?

The week’s biggest potential market movers (the 10 and 30yr Treasury auctions) turned out to have almost no impact on the bond market.  In fact, things have been fairly flat since Tuesday.  Instead, the biggest development came in the form of updated delivery requirements on investment properties and 2nd homes.  Pricing will be affected at many lenders–in some cases substantially.  Today’s video discusses those changes in greater detail (after taking a few quick minutes to recap market movement and the lock/float outlook).

Econ Data / Events

  • Fed MBS Buying 10am, 1130am, 1pm

  • Jobless Claims 712k vs 725k f’cast, 754k prev

Market Movement Recap

09:21 AM

Treasuries put in a strong showing during the overnight session, especially during European hours.  The ECB announcement helped European bonds, but Treasuries were already bouncing back toward weaker territory.  Lagarde’s underwhelming press conference completed the round trip for bonds and we’re now back to slightly weaker levels in 10.  MBS at just barely stronger on the day.

11:53 AM

MBS Outperforming as Treasuries sweat the 30yr auction and a chunky corporate bond offering from Verizon.  2.5 UMBS are up about an eighth of a point while 10yr yields are still just barely negative on the day.

01:43 PM

Respectable 30yr bond auction.  Initially a positive reaction, but the gains have faded in the past few minutes.  10yr yields back near ‘unchanged’ (just slightly higher on the day), and UMBS 2.5 coupons are up only 2 ticks (.06).

03:27 PM

In like a lamb, out like a lamb–at least as far as the 3pm CME close is concerned.  No additional volatility after 30yr auction reaction fizzled out.  Still near unchanged levels in 10s and still slightly stronger in UMBS 2.5s.  Still some late day volatility potential after final pricing of Verizon’s big corporate bond offering.

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.


Discuss the MBS and Mortgage Markets on Our Streaming Dashboard

By Matthew Graham , dated 2021-03-11 15:36:29

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Courtesy of Mortgage News Daily

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