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Bouncing Back?! For Now, Yes!
Posted to: Micro News
Wednesday, February 20, 2013 2:17 PM
Fannie 3.0s dipped to 102-20 at their weakest levels post-FOMC-minutes. 10's briefly crested 2.04 but both have reversed course and made it mostly back to pre-release levels. Fannie 3.0s are currently unchanged on the day at 102-24 and 10's are slightly improved at 2.0139. This is could mark the inception of something very positive if we continue through to better levels or something very negative if bond markets treat previous levels as resistance now. The inflection point for MBS today is just at 102-25. The recovery mitigates some of the reprice risk, but the drama may be far from over.
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