[MBS Commentary] – MBS RECAP: Big Month/Quarter-End Volume, And Nothing To Show For It

MBS RECAP: Big Month/Quarter-End Volume, And Nothing To Show For It

Posted to: MBS Commentary
Thursday, March 28, 2013 4:09 PM

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Today was an uncommon combination of strong volume and insanely contained price ranges.  It’s not a frequent occurrence and even less so outside quarter-end trading sessions.  MBS markets absorbed a ton of new origination supply, all of which was taken very much in stride as mortgages stayed tight to Treasuries.  That said, neither side of market moved much and Fannie 3.0s clung to a miraculously narrow range of 103-02 to 103-05.  Even the overnight movement in European markets was more contained than it has been in recent sessions.  It caused a bit of weakness at the open, but lackluster economic data was there to reign us back in to over around unchanged levels all day.  Exciting news from Italy never came, and even when Bersani’s party admitted as much, it was too late for markets to let us know whether or not they cared.  NOTE: Markets are closed tomorrow for Good Friday.  There is no scheduled commentary, but Italian president Napolitano will be continuing discussions with other political leaders and we’ll endeavor to let you know if anything dramatic transpires.

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