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MBS Hit Lows Again After Bullish Hints From Bernanke
Posted to:
Micro News
Wednesday, March 20, 2013 3:26 PM
It was pretty subtle, but when asked if there was a chance that 2013 would be a repeat of the false starts seen in 2011 and 2012, Bernanke said that the reasons for those distortions are less of a factor in 2013. If we stretch our imagination, that's somewhat of an economically bullish suggestion.
Whether it was due to those headlines or simple tradeflow considerations, bond markets are back to their weakest levels of the day with MBS leading the charge, currently down 8 ticks at 102-27. The gap between rate sheet print times and current levels CONTINUES to fall short of suggesting negative reprices, but the shape of the charts could be a moderate concern for some quicker-to-reprice lenders.
To reiterate and reemphasize, negative reprices aren't likely, but a small minority of lenders could be starting to consider them. 10's look like they're breaking out of their post-FOMC supports, so risks in MBS would soon be increasing if we hit 102-25 and below.
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MBS Hit Lows Again After Bullish Hints From Bernanke
Posted to:
Micro News
Wednesday, March 20, 2013 3:26 PM
It was pretty subtle, but when asked if there was a chance that 2013 would be a repeat of the false starts seen in 2011 and 2012, Bernanke said that the reasons for those distortions are less of a factor in 2013. If we stretch our imagination, that's somewhat of an economically bullish suggestion.
Whether it was due to those headlines or simple tradeflow considerations, bond markets are back to their weakest levels of the day with MBS leading the charge, currently down 8 ticks at 102-27. The gap between rate sheet print times and current levels CONTINUES to fall short of suggesting negative reprices, but the shape of the charts could be a moderate concern for some quicker-to-reprice lenders.
To reiterate and reemphasize, negative reprices aren't likely, but a small minority of lenders could be starting to consider them. 10's look like they're breaking out of their post-FOMC supports, so risks in MBS would soon be increasing if we hit 102-25 and below.
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