All day we've been discussing low volume and illiquid trading conditions and quarter end and Yom Kippur and slow trading flows and ZZZZZZZZZZZZZZzzzzzzzzZZZZzzzz YAWN...
YEH YEH YEH BLAH BLAH BLAH. Probably doesnt matter all that much to you...
WHY?
REPRICES FOR THE BETTER WERE REPORTED...and thats what matters most. right?
Heading into the 5pm "MY SCREENS ARE ALREADY TURNED OFF" marking period, the FN 4.5 is at the highs of the day...+0-07 at 101-11 yielding 4.33%.
Today's MBS price appreciations were not a function of supply and demand technicals in the secondary mortgage market. Benchmark TSYs rallied, "rate sheet influential" MBS coupons played follow the leader.
Yield Curve
2s/5s: 3bps FLATTER at 135bps
2s/10s: 3bps FLATTER at 230bps
5s/10s: UNCHANGED at 95bps
5s/30s: 3bps FLATTERat 170bps
10s/30s: 3bps FLATTER at 75bps
Bull Flattener!!!
PS: reprices for the better were not broad based....
PPS: Stocks, bonds, the dollar, and oil rallied higher today. Buyer's market ?
MBS Market Alerts
