MBS are down -3/32 (FNMA 30-yr 4.0 at 104.25), around 3/32 above many morning levels, but 3/32 below the high for the day. Some favorable repricing was seen. Stronger than expected manufacturing data pushed MBS lower early in the session. Concerns about the conflict in Ukraine later caused investors to seek safer investments, helping MBS and hurting stocks. January Pending Home Sales increased slightly from December, below the consensus for an increase of 2.0%, and they remained near the lowest level since November 2011. The Dow is up 50 points. For the week, MBS rose about 19/32. The important monthly Employment report will come out on Friday. As usual, this data on the number of jobs, the Unemployment Rate, and wage inflation will be the most highly anticipated economic data of the month. Before that, ISM Manufacturing, Personal Income, Core PCE inflation, and Construction Spending will come out on Monday. ADP Employment, ISM Services, and the Feds Beige Book will be released on Wednesday. Factory Orders, Productivity, and the Trade Balance will round out the schedule.
Posted on: Fri, 28 Feb 2014 21:16:24 +0000
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