bond prices Worsen

Mortgage bond prices opened weaker this morning adding to the slight losses from Friday afternoon which looked to push rates higher. Fortunately we bounced back a bit from the initial weakness but still remain weaker since pricing Friday morning.

The data this morning was not rate friendly. Retail sales rose 1.1%, analysts expected a 0.7% increase. That was it for the data today. Stocks and global news will dictate trade going forward. Stock futures were positive this morning and that held true at pricing with the DOW up 21 points. Stocks and bonds often trade inversely, though that is not an absolute.

Greece is the focus this morning as debate continues about an exit from the euro zone. Swedish finance minister Anders Borg indicated he expected a Greek exit within six months. Germany's finance minister Wolfgang Schäuble quickly countered that assertion, "I think it will not happen that there will be a state bankrupt in Greece.....Greece has to take a lot of very serious reforms and this will harm. Everyone is trusting that the Greek government is doing what is necessary.

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Mortgage bond prices

Mortgage bond prices are near unchanged mid-morning Wednesday failing to erase the losses seen Tuesday afternoon. MBS prices initially opened lower pressuring rates higher only to have buyers emerge taking prices higher.

Traders will spend the day watching stocks to help gauge interest rate direction as they wait for the auction and Fed Beige Book results. At the 10:00 am ET price point the Dow was down 34.

This afternoon the Treasury will auction $21B of 10-year notes with results by 1:15 pm ET. At 2:00 pm ET the Fed Beige Book will be released. The report details economic activity in all Federal Reserve districts.

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We have the Fed minutes this afternoon.

Mortgage bond prices opened near unchanged to slightly weaker following the data.

ADP employment rose 162K. Analysts expected an increase of 133K. This data was not rate friendly and the upper coupons saw more of a selloff than the lower coupons.

Stock futures are only slightly higher this morning as was the case yesterday morning. The DOW closed down 33 points yesterday. Stocks and bonds often trade inversely though not always.

News out of the euro zone took a new turn this morning with the head of the IMF predicting a recovery would take a decade. This is generally good news for U.S. debt instruments.

We have the Fed minutes this afternoon.

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