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9/20/11 |
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Bonds rallied on Monday as the equity markets opened the week with a resounding thud. By the end of the day, the 10-year was roughly 7/8 of a point higher to yield 1.93, very close to its all-time lows. Shorter maturities also rallied, pushing the yield on the 2-year to 0.16% at the close. |
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9/19/11 |
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MBS closing levels for 9/16/11 are below: |
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9/14/11 |
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Treasury prices opened higher, but a weak 10-year auction left the market lower on the session. While the auction yield for the 10-year reopening was the lowest ever, demand for the issue was tepid, leaving intermediate and long maturities between 3 and 7 basis points higher. Investors will be closely watching the 30-year auction for clues on overall demand for bonds at current yield levels. Mortgages had a decent session, tightening a basis points versus interpolated Treasuries and swaps. This morning's report on applications from the MBS showed a modest increase in activity during the holiday-shortened week. |
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9/15/11 |
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Treasuries closes modestly lower on Wednesday, as stocks continued to rebound. The exception was the long bond, which closed higher after a solid auction of new bonds. MBS had a decent session, with liquid coupons outpacing the 10-year by 1-2 ticks. Ginnies had a strong session, with Ginnie 4s and 4.5s outperforming the 10-year by 5/32s. After yesterday's move, Ginnie/Fannie swaps are very rich on a historical basis; the GN/FN 4 swap is 2 standard deviations rich over the last 60 days, and the 4.5 swap is 2.3 SDs rich. The 30-year current coupon tightened to interpolated Treasuries by 3 basis points. |
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9/12/11 |
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Friday's MBS closes are available below: |
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