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Posted To: MBS Commentary
Equities rose and Treasuries backed up yesterday despite a backdrop of weak housing data, poor durable goods orders, the likelihood of another European bail-out, riots and war in the middle-east, and spreading radiation fears in Japan. The benchmark 10-year note traded off yesterday's yield highs last night in below average volume. 10s are currently +6/32 at 101-31+ yielding 3.387% after briefly breaching 3.40% support yesterday afternoon. The FNCL 4.5 is +4/32 at 101-29. The secondary market current coupon is -1.5bps at 4.154%. Yield spreads are slightly wider on the open. Rates are lower even as global equity markets gain ground. The NIKKEI was up 1.07%. The SHANGHAI closed 1.06% better. Ahead of the third revision to Q4 2010 GDP numbers, S&P fuures are +2.75 at 1308.25. The dollar index...(
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