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Following Europe to Stronger Levels
Posted to: Micro News
Wednesday, June 11, 2014 10:45 AM

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Treasuries remain glued to European bond markets with stock weakness playing a supporting roll.  The big deal (relatively) so far is that today is the first day of negative deposit rates in the EU, and several core short-maturity sovereign debt instruments (like Germany's 2yr) are hitting the unprecedented 0.00% level. 

Europe saw its second most aggressive rally of the day heading into 10am.  German 10yr Bunds broke into new lows, and US 10yr Treasuries did the same mere moments later.  10's are now down 2bps at 2.617.  The technical level of 2.66 hit overnight looks more and more like it will have acted as a supportive ceiling by the end of the day--as long as we get through the 10yr auction without too much trouble.

MBS are doing a decent job of keeping up with the gains, but not aggressively so.  Fannie 3.5s are up 5 ticks day-over-day, but only 1 of them since the first round of rate sheets.

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  • 30YR FNMA 5.0 110-19 (0-02)
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  • 30YR FNMA 5.5 111-26 (-0-04)
Recent Housing Data:
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  • Refinance Index 11.33%
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  • Purchase Index 8.43%