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MBS RECAP: Very Uneventful Week in The Bigger Picture

Posted To: MBS Commentary

Very Uneventful Week in The Bigger Picture Heading into this week, we were hoping to see some consensus between the economic data and any "4th of July" effects on covid numbers. It seems that holiday-driven case counts are only starting to hit as of Friday. More importantly, markets seem to be taking it in stride (suggesting if it was obvious to us, it was obvious to traders). Add underwhelming data to the mix and this leaves us in an increasingly familiar holding pattern. Econ Data / Events 20min of Fed 30yr UMBS Buying 10am, 1130am (M-F) and 1pm (T-Th) Housing Starts +17.3% vs +8.2% prev Building Permits +2.1% vs +14.1% prev Consumer Sentiment 73.2 vs 79.0 f'cast , 78.1 prev Market Movement Recap 08:18 AM Bonds improved modestly in relatively quiet overnight trading and despite…(read more)

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