October 16th, 2023 10:17 AM by Richard Sardella MLO.100007700/NMLS 233568
Friday the 10 year note was down 8 bps, this morning the note began +6 bps. Over the weekend Israel didn’t attack allowing more to leave Gaza. Diplomatic efforts increased, Biden and German Chancellor Olaf Scholz both weigh trips to Israel. Meanwhile, Secretary of State Antony Blinken is scheduled to return on Monday, after meeting Arab leaders to discuss the war and efforts to provide humanitarian assistance to people in Gaza. According to the news 600,000 have already left for south Gaza as Israel wants. Nothing new on the northern front with Hezbollah.
The only data today, October NY Empire State manufacturing index, not a headliner but the index expected -5.0% declined -4.6%.
There isn’t any direct measurement of inflation this week, retail sales, existing home sales and retail sales headline. The week is sprinkled with Fed officials every day. The main event, Jerome Powell on Thursday speaking on the economic outlook at the NY Economic Club.
At 9:30 am ET the DJIA opened +228, NASDAQ +58, S&P +23. 10 year at 9:30 am 4.71% +8 bps. FNMA 6.0 30 year coupon -27 bps from Friday’s close and -40 bps from 9:30 am Friday.
PRICES @ 10:00 AM
10 year note: 4.72% +9 bp
5 year note: 4.72% +7 bp
2 year note: 5.10% +5 bp
30 year bond: 4.87% +11 bp
30 year FNMA 6.5: @9:30 am 99.67 -25 bp (-41 bp from 9:30 am Friday)
30 year FNMA 6.0: @9:30 am 97.86 -27 bp (-40 bp from 9:30 am Friday)
30 year GNMA 6.0: @9:30 am 98.54 -20 bp (-36 bp from 9:30 am Friday)
Dollar/Yuan: $7.3111 +$0.0063
Dollar/Yen: 149.69 +0.12 yen
Dollar/Euro: $1.0535 +$0.0025
Dollar Index: 106.46 -0.19
Gold: $1932.60 -$8.90
Bitcoin: 28,169 +966
Crude Oil: $87.16 -$0.53
DJIA: 33,916 +245
NASDAQ: 13,484 +77
S&P 500: 4354 +27
Richard Sardella has been actively managing and providing services in the mortgage industry for over 30 years. Richard serves on the board of directors as President of Colorado Home Mortgages Inc.
All information furnished has been forwarded to you and is provided by thetbwsgroup only for informational purposes. Forecasting shall be considered as events which may be expected but not guaranteed. Neither the forwarding party and/or company nor thetbwsgroup assume any responsibility to any person who relies on information or forecasting contained in this report and disclaims all liability in respect to decisions or actions, or lack thereof based on any or all of the contents of this report.
MLO of record MLO.100007700 / NMLS#233568 / CHM NMLS#127716.