MBS Battle Three Bond Bearish Reports. Rebate Reduced

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Posted To: MBS Commentary

The last two economic reports of the year have been released. Chicago PMI was much better than expected. Actually that is an understatement. Chicago PMI was way more awesome than anticipated, beating even the most optimistic of forecasts (Reuters high was 66.0). Every component of the index jumped by several points, including prices paid (cough MARGINPRESSUR Ecough). The overall index hasn't been this high since Reagan was in office and I was 5 years old. The Pending Home Sales print was also better than expected but my initial reaction to any "better than expected housing data is always "eh". The PHS Index is really just bouncing around near record low levels of activity. Call me when GSE reform is done. Call me when we figure out how in the hell we're gonna deal with excessive excess inventory...(read more)

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