Current Pricing of FNMA 30 Year 4.5% Bond: $100.06
-9bps (Prior Close – $100.15)
Market Update: The MBS pricing started off higher this morning but has since declined as President Obama announced he will re-appoint Ben Bernanke to another four year term as head of the Federal Reserve. His appointment will have to go through the Senate, and there may be some venting but in the end he will get a second term.
Economic News: At 10:00 the Conference Board released its Consumer Confidence Index; expected at 48.0 frm 46.6, it hit at 54.1 from a revised July read to 47.7. All components in the data were better than expected; current conditions and expectations were up from July. The reaction was as one would expect, mortgage prices declined and the DJIA jumped higher. In other news, the housing industry received good news when the Case-Shiller Home Price Index showed home prices rose for the second straight month.
Recommendation: FLOAT
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