Good morning and happy Monday! Auto sales are on the front burner today as we get Ward’s Total Vehicle Sales for April after the stock market closes. The street is looking for a 150k (annualized) pullback from March’s HUGE jump to 17.75 million. In other news today, via Zero-Hedge, Morgan Stanley is echoing our report from a couple of weeks ago that housing is NOT in a bubble. Reasons given are the same as we’ve already heard, huge demand and limited supply. Lastly, from Redfin, new home sales are taking up a larger piece of the housing pie in the 1st quarter of 2021, almost 25%.
Bonds today are up in price, with the 10yr T-Note +6/32 to yield 1.60% and 30yr MBS 2.50% +9/32 to yield 1.74% which is +74 to the 5.7yr treasury curve. Have a great day and call or email with your MBS inquiries.
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Agency CMBS
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Agency CMO – Long End
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