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Negative Bias Emerging as Participation Picks Up
Posted to: Micro News
Tuesday, April 22, 2014 9:36 AM
As bond market activity gets back to more acceptable levels, the participation that's come into the market has been mostly negative for Treasuries, and slightly less negative for MBS. Earlier, this merely resulted in slight improvements overnight moving back to unchanged levels, but in the past few minutes it's taken 10yr yields about 2bps into weaker territory, currently 2.7388.
MBS are only 1-2 ticks weaker from the last update. Fannie 4.0s are down 2 on the day at 103-31+ and Fannie 3.5s are down 3 ticks at 100-21. That update also noted a disconnected stock lever, but the timing of the current weakness in bonds combined with stocks presently opening stronger suggests that could be changing.
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