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First Move is Weaker Following 10yr Auction
Posted to: Micro News
Wednesday, July 9, 2014 1:04 PM
Despite a moderate amount of weakness built in to bond markets heading into the 10yr auction, further losses are upon us after the results were released. It was much weaker than expected.
Fannie 3.5s are down 7 ticks at the lows of the day and 10yr yields shot instantly to the highs, currently up 3bps at 2.594.
Negative reprices are a possibility for some lenders, but others priced close enough to the morning lows that we wouldn't expect widespread reprices without 2-3 more ticks of losses.
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