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MBS Just Barely Into Positive Territory; Quiet Morning: Dudley Helps
Posted to: Micro News
Monday, September 23, 2013 9:39 AM
With Japan out on Holiday and the Typhoon in China causing a brief shut-down of the Hang Seng, overnight markets got off to a slow start. Treasuries opened in Europe, right in line with Friday's latest levels before moving higher in yield in tandem with German Bunds. The range before 8am was roughly 2.73 to 2.76.
That led to 8am levels also in line with Friday's latest, for MBS. From there, we've spent a few moments in slightly weaker territory, but more time in positive territory.
Bond markets haven't been too terribly interested in any of the economic data, which included an improvement in the Chicago Fed National Activity Index and a decline in Markit's Purchasing Managers Index.
Most recently, dovish comments from NY Fed President William Dudley have been an ally for Fixed Income, helping MBS reenter positive territory and giving Treasuries a slight boost to their best levels of the morning.
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