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Empty Econ Calendar. Stocks Set to Slide at Open
In line with weak global markets, US equities are looking to open lower this morning. Two hours before the bell sounds S&P 500 futures are down 8.2 points at 1,086 and the Dow is off 68 points to 10,259.rnrnFollowing the trend, commodity prices are also weaker. WTI Crude oil is trading 52 cents lower at $77.53 per barrel and Spot Gold is down $4.95 to $1139.65.rn
Fed MBS Purchases Focus on New Loan Production
The Fed's weekly net MBS purchases totaled $16.00 billion, $2.5 more than the previous, holiday shortened week. The majority of Fed purchases were in 4.5 and 5.0 MBS coupons this week. These are called "production" or "current " coupons and represent loan supply being sold in the secondary mortgage market by loan originators. The Fed's purchases of production MBS coupons picked up this week because MBS prices tested record high levels which pushed mortgage rates to six month lows. Lower mortgage rates brought out more loan supply...and the Fed was there to provide liquidity for lenders.rn
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