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MBS RECAP: Nice Recovery But Resistance Remains

Posted To: MBS Commentary

Nice Recovery But Resistance Remains Rates were under pressure overnight with 10yr hitting the highest yields in more than 2 weeks. Since then, bonds have surged back into stronger territory but remain more or less blocked by the same old floor. Econ Data / Events 20min of Fed 30yr UMBS Buying 10am, 1130am (M-F) and 1pm (T-Th) Consumer Confidence 92.6 vs 94.5 f'cast , 98.3 prev Market Movement Recap 08:16 AM Bond weakness continued during Asian hours, but reversed course in the European session. Domestic trading is starting out just barely stronger for bonds and weaker for stocks. 09:16 AM 8:20am CME open brought buyers, plain and simple. It wasn't huge, but it was enough for a few bps of strength in Treasuries and nearly an eighth of a point of gains in MBS. Stocks aren't doing…(read more)

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