MBS RECAP: Month-End Quells Volatility, but Keeps Bonds Green

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Posted to: MBS Commentary
Tuesday, March 31, 2015 5:12 PM

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It’s rare that I’ll decide to include a chart with a shorter maturity yield curve constituent in the Day Ahead. In this morning’s case, that happened to be the 3yr Treasury note, and 3’s continued outperforming 10’s and MBS today through the official 3pm close. In fact, the so-called “belly” (3, 5, and 7yr Treasuries) were the epicenter of month-end bond market strength, but fortunately, they were strong enough that 10’s and MBS were able to come along for the ride.

The yield curve levels (one Treasury yield minus another) between various maturities were the best technical…

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