ARCHIVED BLOG POSTS
2009
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The FOMC minutes from the August 12 Fed meeting contained few surprises. Fed officials perceived lower downside risks for the economy. They were somewhat divided over the threat of higher future inflation. There was little discussion about whether the Fed should end the MBS purchase program befor...
09/02/2009
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MBS prices are up +7/32 (FNMA 30-yr 4.5 at 100.88), above the initial price level at +4/32. A high of +11/32 was reached. Today's economic data had little impact. The Dow fell 30 points. Tomorrow, Jobless Claims and ISM Services will be released. In addition, the Treasury will announce the size o...
09/02/2009
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July Pending Home Sales rose for the sixth straight month, climbing 3% to the highest level since June 2007. The index was 12% higher than one year ago. The ISM national manufacturing index rose to 52.9, also the highest level since June 2007. Readings above 50 indicate an expansion in the sector...
09/01/2009
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MBS prices are up +6/32 (FNMA 30-yr 4.5 at 100.66), above the initial price level at -1/32. MBS prices reached a low of -5/32 and a high of +7/32. Today's economic data came in stronger than the consensus forecasts, and the initial reaction was the expected decline in MBS prices. The stock marke...
09/01/2009
