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Treasuries and MBS Pushing Weakest Levels
Posted to: Micro News
Monday, August 19, 2013 10:26 AM
Bond markets have weakened steadily since 8:20 (coincidentally the CME/Treasury Futures open) and are now at their weakest levels of the day even as the Fed begins it's scheduled 30yr bond buying. 10yr yields haven't broken above overnight lows of 2.875, but they are challenging domestic session highs at 2.867. Fannie 4.0s are down 10 ticks on the day currently at 102-10.
The silver lining to this weakness in terms of reprice risk is that MBS prices had fallen to 102-12 before lenders put out their first rate sheets of the day. This likely serves to mitigate almost any reprice risk, though it would be increasing if we move another 2-3 ticks lower from here.
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