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Modest Pressure on MBS; Treasuries Holding Support
Posted to: Micro News
Friday, October 18, 2013 11:39 AM
Fannie 3.5s are down a mere 4 ticks from rate sheet time and Treasuries are no weaker. As such, this is currently looking more like "MBS getting caught up" to the earlier Treasury weakness. We are not currently trending lower in price.
If anything, 2.59 has been a supportive ceiling for 10yr yields so far this morning, and that continues to be a good level to watch as a line in the sand that could signify increasing pressure if broken. We're at 2.587 at the moment (and for the record, we could probably forgive a small move into the low 2.59's. If there's follow-through selling on a technical break, it will be a faster paced move that ends up quickly going over 2.60).
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