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Bond Markets Slip Ahead of New Home Sales; Infinitesimal Reprice Risk
Posted to: Micro News
Thursday, October 24, 2013 9:57 AM
MBS and Treasuries just slipped into negative territory after the Fed unveiled a liquidity plan it says is tougher than Basel III. It's not entirely clear if that news prompted the pull-back, but it coincides.
Fannie 3.5s are down to 102-20 after earlier highs of 102-25. There's an outside chance that a lender priced today's rate sheets during those highs and is already considering a negative reprice. Even then, we'd imagine most would hold out at least a few more minutes to observe any market-based effects of the New Home Sales data coming out at 10am.
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