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Bond Markets Bounce at Range Boundary; Negative Reprice Risk Increasing
Posted to: Micro News
Wednesday, July 23, 2014 10:59 AM

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Much like yesterday's morning weakness, today's introduces a very small amount of reprice risk.  Moreover, some lenders would be more at risk than others depending on the time of morning that they put out rate sheets.

Fannie 3.5s are down only 1 tick on the day, but 4 ticks (.125) from 10am highs.  This is only the leading edge of negative reprice risk and we may see few, if any, unless prices fall a bit more.

10yr yields made it as low as 2.449, roughly in line with the recent range boundary before bounding higher to 2.462.  Stocks moved off their morning lows at the same time.  Both moves appear to be pausing for consideration at the moment.

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