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Back into Positive Territory after Stock Open
Posted to: Micro News
Tuesday, May 20, 2014 9:59 AM
From the slightly weaker levels at 9am, MBS and Treasuries are now into positive territory following a moderately-sized, but fast move lower for equities markets after the 9:30am open. Before that, an exhaustion of selling pressure in European bond markets helped US bond markets find their footing before losing too much ground.
Fannie 3.5s are now up 3 ticks on the day at 102-07 and 10yr yields are down .75bps at 2.53. In both cases, these are short term inflection points from yesterday's biggest bout of weakness. Breaking through would be a positive comment for the rest of the day. No dice so far.
('Breaking through' would imply Fannie 3.5s moving over 102-08 and 10yr yields under 2.527, preferably with confirmation by a move into the 2.51's).
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