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MBS Rally Back to Unchanged As Stocks Fall
Posted to: Micro News
Monday, April 14, 2014 9:58 AM
Stocks and bonds haven't been perfectly connected all morning, but are generally moving in the same direction at the same time. As such, bond markets did a good job of battling back against earlier weakness when stock futures shied away from a stronger rally on the Retail Sales data.
When stocks hit the 'cash' open at 9:30am, they fell below their 8:30am levels implied by futures. Bond markets mirrored the move, with MBS rising back above 8:30am levels.
Both MBS and Treasuries are now at their best levels of the morning. Fannie 4.0s are unchanged from Friday's latest levels at 104-19 and 10yr yields are still slightly weaker at 2.63.
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