February 23rd, 2026 8:49 AM by Richard Sardella MLO.100007700/NMLS 233568
The day began unchanged from Friday in the bond market, stock indexes in futures market trading prior to the 9:30 am ET open were lower. Last week markets were faced with a number of key data points on Friday; PCE inflation, Q4 GDP, and the University of Michigan consumer sentiment index.
Fed Governor Christopher Waller said his decision on whether to support an interest-rate cut at the March FOMC meeting will hinge on upcoming labor-market data. “But if the good labor market news of January is revised away or evaporates in February, it would support my position at the FOMC’s last meeting, that a 25-basis-point reduction in the policy rate was appropriate, and that such a cut should be made at the March meeting.” His remarks are nothing new, Waller has been leaning for more cuts the last couple of meetings. Markets are not looking for a rate cut from the Fed until at least April, and data will dictate if that becomes a consensus.
Unrest continues in Iran. No new news from the US administration about the possibility of US attacking Iran.
Looking for a quiet session today unless we get new information about Iran. A major assault by the US will support US treasuries.
PRICES @ 10:00 AM
10 year note: 4.06% -3 bp
5 year note: 3.63% -2 bp
2 year note: 3.48% unch
30 year bond: 4.71% -1 bp
30 year FNMA 5.0: @9:30 am 100.32 +1 bp (+7 bp from 9:30 am Friday)
30 year FNMA 5.5: @9:30 am 101.56 unch (+2 bp from 9:30 am Friday)
30 year GNMA 5.0: @9:30 am 100.17 -2 bp (+3 bp from 9:30 am Friday)
Dollar/Yen: 154.63 -0.42 yen
Dollar/Euro: $1.1802 +$0.0018
Dollar Index: 97.63 -0.16
Gold: $5,207.60 +$126.70
Bitcoin: 65,638 -1713
Crude Oil: $67.03 +$0.55
DJIA: 49,194 -432
NASDAQ: 22,775 -111
S&P 500: 6880 -29
Richard Sardella has been actively managing and providing services in the mortgage industry for over 30 years. Richard serves on the board of directors as President of Colorado Home Mortgages Inc.
All information furnished has been forwarded to you and is provided by thetbwsgroup only for informational purposes. Forecasting shall be considered as events which may be expected but not guaranteed. Neither the forwarding party and/or company nor thetbwsgroup assume any responsibility to any person who relies on information or forecasting contained in this report and disclaims all liability in respect to decisions or actions, or lack thereof based on any or all of the contents of this report.
MLO of record MLO.100007700 / NMLS#233568 / CHM NMLS#127716.