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.

The MBS coupon stack was mixed.  Fannie 3.5s outperformed the 10-year by 6/32s, while higher coupons lagged Treasuries by as much as 10/32s.

9/19/11 MBS closes

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