MBS RECAP: Weaker Start, But Stronger Finish Thanks to Econ Data

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Posted To: MBS Commentary

Builder Confidence doesn't typically move markets, but today it did. For the past several month's, the NAHB's Housing Market Index (generally considered tantamount to "builder confidence") looked like it was bucking the consensus among other housing data that all but verified a decisive cooling trend. But it made up for its recent lack of movement today. It's as if builder confidence did't get the memo on the shift in housing and suddenly rushed to catch up. This resulted in bond market improvement and stock losses, and that's a very tall order for this data. It speaks to two things. First, markets are indeed concerned about the housing market and the role it could play in a broader economic shift. Many see such a shift beginning within 12 months at this point…(read more)

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