Current Pricing of FNMA 30 Year 4.5% Bond: $100.41
+22 bps (Prior Close – $100.19)
Market Update: The Mortgage Backed Security (MBS) pricing is higher this morning from Friday's close. MBS are benefiting from nervous stock investors and some worries from overseas, including sharp declines in China’s Stock market.
Economic News: The manufacturing sector measuring Chicago Purchasing Managers Index (PMI) came in right at 50, quite a bit better than last month. A reading above 50 indicates expansion, while a reading below 50 indicates contraction, so this is a fairly positive sign for the manufacturing sector. Once again manufacturing data beats the estimates; but who is buying?
Recommendation: FLOAT
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