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First Move is Weaker Following Release of Yellen's Prepared Remarks
Posted to: Micro News
Tuesday, February 11, 2014 8:36 AM
If there had been any doubt as to how anxious markets were to hear from new Fed chair Yellen, it's cleared up now as the mere release of her prepared remarks for the 10am testimony has caused a spike in prices and volumes. Unfortunately, it's in an unfriendly direction.
10yr yields have already spiked 4bps on the news and MBS have shed 6-7bps in Fannie 4.0 and 3.5s. It looks like we're stabilizing at that level of weakness for now. Too soon to say if it's a knee-jerk that bounces back, but it could be. More to follow on the comments themselves in a separate update...
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