MBS Securities The Week Ahead

Headline News and Market Report

Bond Market News and Perspective for Mortgage Professionals”

Friday, November 16, 2012

Industrial production dropped 0.4%  in October, an unexpected decline as superstorm Sandy knocked out power in the Northeast, and followed a revised 0.2% increase in September that was smaller than previously estimated.    Capacity utilization decreased 0.4% to 77.8%, a rate 2.5 percentage points below its long-run (1972–2011) average.  The Fed said the storm cut total production by almost 1 percentage point. Manufacturing, which makes up 75 percent of total production, slumped 0.9 percent last month, matching August as the biggest decrease since May 2009.

U.S. 10-Year Yields Touch 10-Week Low on Debt-Cut Talks

Foreign Buying of U.S. Assets Plunges on Europe Optimism  International purchases of U.S. financial assets plunged 96 percent in September as confidence grew that Europe was beginning to solve its debt crisis and investors sold Treasuries following the Federal Reserve’s quantitative easing announcement.

Fed Push to Tie Zero-Rate to Economic Goals Faces Doubts

Economic Indicator News Release Calendar for the weeks ahead

Week of November 19 – November 23

Date ET Release For Actual Prior
Nov 19 10:00 Existing Home Sales Oct   4.75
Nov 19 10:00 NAHB Housing Market Index Nov   41
Nov 20 08:30 Housing Starts Oct   872K
Nov 20 08:30 Building Permits Oct   894K
Nov 21 07:00 MBA Mortgage Index 11/17   12.6%
Nov 21 08:30 Initial Claims 11/17   NA
Nov 21 08:30 Continuing Claims 11/10   NA
Nov 21 09:55 Michigan Sentiment – Final Nov   84.9
Nov 21 10:00 Leading Indicators Oct   0.6%
Nov 21 10:30 Crude Inventories 11/17   NA

Bill Godfrey
EVP Capital Markets

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