MBS OPEN: Slightly Weaker To Start, But Major Movers Yet To Come
Yesterday's Recap
- 15 minutes of fame for World Bank global growth revision to -2.9%...
- Widespread stock selling/bond buying. Dollar/Yen gain, commodities sell.
- IMF Chief says US needs stimulus for another year or two, as well as an increase in exports
- Insiderscore.com reports execs selling their shares of stock at fastest pace since meltdown. Hmmm....
- Dow Ended down 200 (ish).
- HUGE downward revision as MBA decreases its forecast by $700 bln.
The AM So Far...
- MBS follow tsy's a bit lower in preparation for 2 yr auction today, uncle Ben tomorrow
- Moody's says US AAA rating safe for now, but will need to curb debt to keep it. (Earth to Moody's...)
- Tsy department insider says 80% funded for 2009.
- Home Sales and SS confidence index coming up at 10AM eastern
- "Biggie" of the day: 2yr auction at 1pm, but expect further indecision pre-FOMC (tomorrow at 2:15)
Charts
S&P Futures: +3.80 (+0.43%) to 892.40
6/19 EFFECTIVE FED FUNDS: -0.01 to 0.24 from 0.25
LIBOR FIXINGS
O/N LIBOR: +0.0062 to 0.2775 from 0.2713
1 MONTH: -0.0012 to 0.3137 from 0.3150
3 MONTH: -0.0025 to 0.6075 from 0.6100
6 MONTH: -0.0125 to 1.1487 from 1.1612
1 YEAR: -0.0200 to 1.6775 from 1.6975