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MBS Hover Near Unchanged Levels; Light Activity is an Understatement
Posted to: Micro News
Thursday, December 26, 2013 9:30 AM

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Volume and volatility are every bit as light as normal for the day after Christmas.  Overnight trading was especially hampered by an additional holiday closure (Boxing Day) for the UK/European markets.

Treasuries made it to the domestic session around a bp (.01%) higher in yield and haven't weakened any further.  Fannie 4.0 MBS started out a tick (1/32nd) higher in price at 102-25 and have held an exceptionally narrow 2/32nds trading range since then.

Jobless Claims were fairly close to consensus (338k vs 345k forecast) but had no impact on trading.  To be clear, that's not the kind of "no impact" where you  might be able to find some if you look closely enough and jump far enough to conclusions.  It's really completely absent.

From an MBS standpoint, these post-Christmas trading sessions call for limited strategy.  Any movement later in the day is serendipitous.  While it CAN happen on such days, it's certainly not right now.

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