Posted To: MBS Commentary
Bonds made solid gains again today, both before and after another strong Treasury auction. Fannie 3.5s picked up more than a quarter of a point and 10yr yields hit the lowest levels since Fed day . Days like today are frustrating because they're positive and meaningful for the origination community (those not on vacation), but that have little, if any implication beyond the next 22 hours. The year-end trading environment is like a much more surreal version of the month/quarter-end trading environment. It's basically a week where a smaller-than-normal number of traders put their cards face up. If someone has big buying/selling needs, you'll know it. If someone has tactical goals to make a quick buck off new momentum, they can't hide nearly as well as they otherwise could. If...(read more) Forward this article via email: Send a copy of this story to someone you know that may want to read it.
from Mortgage News Daily http://ift.tt/2imTDYZ
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