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Posted To: MBS Commentary
If we needed any more evidence that the earlier price action had much to do with the spillover from European bond markets, the afternoon trade made it clear . Immediately following the European close, the positive, slightly volatile trend in domestic bond markets turned into a calm, but resolute sell-off. The overall damage was minimal--not even enough to take MBS or Treasuries into negative territory. Fannie 3.0s only lost 3/32nds from the highs in the ordeal. 10yr yields were as low as 2.009 mid-day and rose to 2.037 by the close. As for the positiveness from the morning hours, the domestic economic data does deserve some credit for helping out the higher-conviction European move. Durable Goods data was OK at the headline level, but rather weak in every other respect--especially the revisions...(
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