Morning Commentary: Preferreds weaker in early trading; Fannie Mae, Freddie Mac soften

By Aleesia Forni

Virginia Beach, April 29 – The preferred stock market was weaker in early trading Wednesday, while the Federal Reserve began the second day of its two-day policy meeting.

The Wells Fargo Hybrid and Preferred Securities index was down 3 basis points at mid-morning.

Fannie Mae and Freddie Mac preferreds declined early during the session.

Fannie’s 8.25% series S fixed-to-floating rate noncumulative preferreds (OTCBB: FNMAS) declined 5 cents, while Freddie’s 8.375% fixed-to-floating rate noncumulative perpetual preferreds (OTCBB: FMCKJ) were down 7 cents, to $4.80.

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