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Stocks Surge At Open. Treasuries Injured. MBS Destroyed
Posted to: Micro News
Friday, February 08, 2013 9:46 AM
While it's nothing on the scale of NFP Volume or even some of the other bigger days last week, Treasury volume picked up substantially into the 9:30am opening bell for stocks. The latter have surged to fresh 5 year highs in short order with cash S&P's at 1516.65.
10yry yields are now looking like they're making a major technical rejection of the 1.93's and have shot quickly higher to 1.975. MBS have essentially continued to hold the same underperformance vs Treasuries and thus are even worse off with Fannie 3.0's now down to 103-01.
Prices have been a moving target. Any lender that's already out with rate sheets is likely to reprice for the worse.
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