MBS RECAP: Stronger Start, Weaker Finish, Still Waiting For Game to Start

Posted To: MBS Commentary

For the first time since 2006, market participants didn’t get a weekday off for Veterans Day. For all intents and purposes, traders ended up taking today off anyway–at least when it comes to bond market volumes and outright changes. 10yr yields were nearly unchanged , rising half a basis point to end at 2.407. Fannie 3.5 MBS were 1/32nd higher on the day at 102-15. If we leave it at the closing levels compared to Friday, nothing happened today, but for those who happened to follow along with the intraday market movement, it was a bit bumpier. Treasuries began the session with some decent gains . 10yr yields were as low as 2.37 just before the domestic hours began. Weakness picked up at the CME open and NYSE open (lower volume days often see opening bells for various exchanges cause movement…(read more)

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