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Jim Marcinkowski

Today's Market Trend March 13, 2013

Wednesday, March 13, 2013 - Article by: Jim Marcinkowski - Inlanta Mortgage - Message

Today's Market Trend-March 13, 2013MBS are down -3/32 (FNMA 30-yr 3.0 at 102.09), around 1/32 higher than yesterday at this time. Some favorable repricing was seen yesterday.Stronger than expected Retail Sales data turned small early gains into losses this morning. February Retail Sales jumped 1.1%, far above the consensus of 0.5%, and the biggest monthly increase since September 2012. Retail Sales ex-Auto showed a similar 1.0% increase. Some economists have been forecasting that the increased payroll tax credit and higher gas prices seen this year will cause consumer spending to decline, but today's data sharply contradicted this view. Separately, February Import Prices increased 1.1% from January, but they were still lower than one year ago. The Dow is down 25 points. No more economic data will be released today. The results from the 10-yr Treasury auction will come out around 1:00 et.

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