Posted To: MBS Commentary
Ugly AM got prettier as 4.5's made it back to unchanged at 100-31 10yr yields actually down a bp to 3.66 (were as high as 3.7 this AM) Potentially unseen lift from Fannie delinquency buyout release If trying to recover lost YSP from this AM, still safe to wait it out. Things looked pretty bad this AM as bonds opened much worse than even an extension of yesterday's weakness would suggest. Lockers rejoiced. Floaters readied their cyanide pills. But in the previous commentary, AQ discussed a chain of events starting with a stronger dollar that has resulted in MBS getting back to unchanged on the day after commodities led stocks lower. And though there is a bit of movement, we're now approaching that "out of the woods" time of day where prices will either level off as volatility…(read more)
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Original post by Matthew Graham
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