Mortgage Market Commentary
Mortgage backed securities (MBS) prices fell at the opening but have since recovered; FNMA 4.5% coupon 101.13bps, +4bps. Stocks worldwide gained paring demand for the safety of fixed income assets. Today's economic data had little impact; Industrial Production fell in February 1.4% on auto cutbacks and collapsing exports, manufacturing in New York state contracted at the fastest pace on record as orders, sales and inventories plunged, international demand for U.S. securities fell in January reflecting sales of agency debt and China's smallest net purchase since June 2008.
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