Full Story Here.
MBS have opened in a very choppy 6 tick trading range.
Sadly, we're on the lower end of that range now with Fannie Mae 5.5's at 100-24, which is 6 ticks down from yesterday's "going out" levels.
The Fed's injection abroad has been a positive force for spread (wait a minute... spread actually tightened?)
In scheduled data, Jobless Claims were up 10k to 455k, slightly higher than expected. This snapped prices up to their highs of the morning immediately following the release. Yet to come are Leading Indicators and the Philly Fed Survey, neither are one's to shake a stick at, however, once again, the impact of the scheduled data today will be dwarfed by the "buzz" as all mirror-foggers will be rushing to interpret the Fed's liquidity move.