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UAD 3.6, Reverse, AI, Co-Issue Products; Freddie Clocks in at $3.8 Billion; Morgan Stanley Did What in Mortgages?
I was recently doing some bike riding in the Napa Valley and spent some time speaking with a wine maker. She told me that because of the increase in temperatures, growers are buying land to the south and planting vineyards there, nearer the San Francisco Bay where it is cooler. Their livelihood is a
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Sideways Start is a Victory
This morning could have been much worse. The bond market could have continued spiraling on fear that it is now responsible for conducting monetary policy--something that sounds weird when you first read it, but is actually central to the discussion based on Warsh's comments in yesterday's press conf
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What's Up With Today's Paradoxical Fed Reaction?
What's Up With Today's Paradoxical Fed Reaction? Tough day for the casual observer to try to make sense of what happened. There's even some disagreement between the not-so-casual observers. Let's focus on what we can know for sure. The Fed didn't hike. The market was pricing a 1 in 3 chance of a hik
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Mortgage Rates Slightly Higher Despite No Fed Rate Hike
Heading into today's Fed announcement, futures markets indicated roughly a 1 in 3 chance that the Fed would hike rates. They did not. This seems like it should have been good news for rates, but there's a catch. Rates exist on a spectrum defined by "duration." Specifically, there are different rates
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