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New Highs Following 3yr Auction (Not Necessarily Because of it); Positive Reprices
Posted to: Micro News
Tuesday, April 8, 2014 1:12 PM
The 3yr Treasury auction was a relative non-event, with demand very much in line with recent averages, and an awarded yield perfectly in line with the 1pm expectation.
This doesn't make much of a statement about the current momentum, or lack thereof. Bond markets had been trending positively essentially all morning, and simply continue to do so following the auction. MBS continue to outperform Treasuries, though the latter finally moved into positive territory.
Several lenders have already repriced positively. That's an ongoing possibility while current levels are held or improved upon.
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