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Posted To: MBS Commentary
MBS Live : MBS Afternoon Market Summary Headlines concerning the Cyprus bailout and it's various components streamed in at a healthy clip almost all day. As such, bond markets rallied almost all day, beginning with US Treasuries in the overnight session. For instance, 10yr yields fell from 1.97 in the Asian session to just over 1.89 by 1:30pm this afternoon. MBS were painfully unwilling to keep pace with such a move--a task made all the more challenging by a larger than normal dose of new origination supply. Even without the supply, it's not customary for mortgages to reap as much benefit from these sorts of flights-to-safety, and the double helping of uphill battles is apparent on the charts with MBS gaining only 6 ticks in price vs 10's 16 ticks. That made for a yield spread widening of several...(
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