Back Near Best Levels After Solid Auction Results

For those who'd been watching bond markets on Friday's half day, it was perhaps slightly disconcerting to see a week's worth of gains quickly erased.  And while there was no guarantee that "whatever happens on the Friday after Thanksgiving can easily UN-happen the following week," here we are back in last Wednesday's range with help from a merely decent 5yr Treasury auction.  Incidentally, last Wednesday's range saw bonds near their best levels in 2 months.  

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Market Movement Recap
09:07 AM

After losing ground on Friday, bonds are bouncing back a bit.  MBS up nearly an eighth and 10yr down 2bps at 4.453.

11:35 AM

2yr auction a bit weaker than expected. No major reaction. 10yr down 3.1bps at 4.437.  MBS up an eighth.

01:07 PM

5yr auction helping. 10yr yields are now down 7.2bps on the day at 4.40 and MBS up 10 ticks (.31).

03:15 PM

Best levels of the day at the 3pm CME close with MBS up almost 3/8ths and 10yr yields down 8bps at 4.392.

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