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Posted To: MBS Commentary
Although there is a clear curve steepener bias, 2s/30s 5bps wider, 5s/30s 9bps wider, 5s/10s 4bps wider, 10s/30s 5bps wider, the combination of disappointing job creation data and dovish Fed Chairman commentary has led to an originator friendly move in the bond market. The belly of the beast is full of encouraging activity. Trading volume is high, money flows are positive and implied volatility is deflating. We're approaching face melting status, but also running out of room to rally within the range. 5s are the star performer with an 11.6bp decline through 2.00% resistance to 1.953%. 7s are the second best performer with a 10.3bp rally down to 2.681%. And 10s get the bronze medal with a 7.7bps yield decline. Outperformance in the belly of the yield curve is what drives "rate sheet influential...(
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