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Initially weaker overnight, but rallying back since 5am. 10yr now roughly unchanged at 4.214 and MBS up 1 tick (.03).
Big selling at 11:35 and mostly stabilized now. No explanations available. 10yr was over 4.25, but now up only 1.9bps at 4.233. MBS are back to unchanged after being down an eighth of a point.
modestly weaker after 10yr Treasury auction. MBS down 1 tick (.03) and 10yr up 3bps at 4.244
Heading out with MBS up 2 ticks (.06) and 10yr up 1.2bps at 4.226
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10yr yields just spiked from 4.22 to 4.25 and MBS are down a quick quarter point. Negative reprices are quickly becoming possible. More on the underlying motivations to follow.