The Fed announced the purchase schedule for the week with a drop in average volume to ~ $6.0B a day vs the $8.0B a day from the prior week and it does not include the 30yr 2.0% coupon. In an informal survey of lenders, lock volumes remain strong with a slight increase week over week. The 30-year rate range fell between 2.875-3.75% with the majority around 3.25%.
Treasuries finish the day higher. At the close, the 2-year was +0.25/32nds (.198) and the 10-year was +8.5/32nds (.618).
Stocks dropped on Friday following both disappointing earnings results and economic data. Apple and Amazon were both lower after earnings results started to show strains of the pandemic. The ISM Manufacturing data also reflected a steep drop in manufacturing output. The DJIA closed -622.03 to 23,723.69, while the S&P 500 was -81.72 to 2,830.71.
Sports leagues are considering playing games in empty stadiums to fulfill obligations to networks that air games. Based on experience with soccer games held in empty European stadiums, referee calls will be less biased, thus eliminating the biggest source of home-court advantage. To wit, in the premier German soccer league, home-field effects were strongest when there was no running track between field and stands.
Market Levels (May):
 | Fri. Close (5pm) | Current |
2yr | 0.198% | 0.186% |
10yr | 0.618% | 0.601% |
FNCL 2.5 | 104-00 | 104-02 |
FNCI 2.0 | 103-01 | 103-03+ |
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