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MBS RECAP: Slow but Strong Start to a Busy Week
Posted to: MBS Commentary
Monday, September 30, 2019 5:45 PM
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Bonds were slightly weaker in the overnight session. European bonds set the tone early, potentially in response to Draghi comments on the need for fiscal stimulus. US yields followed, but never at a pace that anyone would consider “alarming.”
10yr yields were a few bps higher by the time the day’s only data came out. Chicago PMI was much weaker than expected (47.1 vs 50.2) with a quarterly average at its lowest level since 2009. That was good enough for small but immediate improvement in bonds. Both MBS and Treasuries made it back to unchanged levels or…
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