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March 26th, 2014

March 26, 2014; 10:05am

Good morning!

Interest rate trends: Today – Lower; 10 days – Higher; 25 days – Higher

Interest rate recommendation:  Cautious float

Mortgage bonds (MBS’s) are slightly better this morning, up +18bps.  The Durable Goods Order index in general came out better than expected, but when looking into the report, weaknesses were evident, causing the stock market to lose half of its earlier gains this morning, boosting MBS’s to present levels.  The U.S. Treasury will auction $35 billion in 5 year notes today, yesterday’s auction hurt rates a little, so there is some concern over today’s auction, but with MBS’s at +18bps, we will recommend a cautious float and see if MBS’s can maintain some momentum.  Tomorrow we will see Gross Domestic Product (GDP) reports, which measures total output of the U.S. economy, a good indicator of economic direction.  Have a great day!  

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