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Market Commentary

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Market Commentary


Today's Market Commentary
Friday
August 16, 2013
10-YEAR NOTES   97-19 (-6) 2.777%
FN 3.5% COUPON   99-17.5 (-4)
SUPPORT   2.85%
RESISTANCE   2.40%
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Housing Starts came in at 896k (900k expected) and rose 5.9% MoM (7.7% expected). Building Permits rose to 943k (945k expected) which was a 2.7% increase MoM (2.9% expected). Nonfarm Productivity rose 0.9% vs 0.6% expected. University of Michigan consumer confidence came in lower than expected at 80 (85.2 expected).

Treasuries sold-off overnight as 10-Year yields touched 2.80% during the Tokyo session before rebounding during London hours. In the U.S., we opened a couple tics lower than 3:00 PM EST closes before selling off. We are now rallying back after the University of Michigan release and MBS spreads have gone from a couple wider to 1 tic tighter during the move.

At 11:00 AM EST there is a UST buyback in the 11/20-8/23 sector.

 
 
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This information is provided solely for informational use and is not intended as a trading or investment advice in any manner whatsoever. Sun West Mortgage Company, Inc. is not liscensed or registered broker or dealer and cannot provide investment strategies or recommendations. This information is provided to brokers/lenders only and may not be copied or distributed to customers or potential customers. All loans are subject to approval. Certain restrictions may apply. Listed pricing is a morning indication only. Program rates, price, guidelines, fees, costs, terms and conditions are subject to change without notice.