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MBS RECAP: Modest Weakness Persists as Markets Rotate Back Toward Risk

Posted To: MBS Commentary

Modest Weakness Persists as Markets Rotate Back Toward Risk Whether we want to pin the blame on Trump's willingness to begin the transition of power or Yellen being named as Biden's Treasury Secretary yesterday, stocks and bonds have both been doing more to move in a "risk-on" direction over the past 2 days. Yesterday's move in stocks was clearly a response to Yellen (around 3pm ET). Today's move was more gradual and it occurred throughout the morning hours during NYSE trading. All told, it was a bigger deal for stocks, however, as 10yr yields are only 2bps higher at the moment. The bigger news for the mortgage market today was the release of updated conforming loan limits (read more). Econ Data / Events 20min of Fed 30yr UMBS Buying 10am, 1130am (M-F) and 1pm (T-Th…(read more)

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