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Best Levels of the Day After Yellen Comments
Posted to: Micro News
Thursday, May 8, 2014 10:58 AM
Speaking currently at the Senate Budget Committee, Fed Chair Yellen said "interest rates are unlikely to begin rising until we're in a strong economic recovery."
The tacit implication is that we're not currently in such a recovery--not a surprise to many MBS Live members, but refreshing to consider from the Fed Chair.
Fannie 3.5s are now up 5 ticks on the day to 102-15 and 10yr yields fell to the lows of the day, down 3.6bps at 2.586.
Some lenders--especially those who released rates just after the last downswing in prices, may already be in a position to consider positive reprices if MBS levels hold here or move higher.
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