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Weaker overnight then sharply stronger just after 7am on "war might end" headlines. MBS up 6 ticks (.19) and 10yr down 1.8bps at 4.366 after being as high as 4.442 just before 7am.
Additional gains on additional Iran negotiation headlines. MBS up nearly 3/8ths and 10yr down 3.8bps at 4.345
Well off highs. MBS up 5 ticks (.16) on the day and 10yr down only 1.8bps at 4.365
Nice recovery. MBS up 3/8ths and 10yr down 5.5bps at 4.328
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As Iran pushes back on news regarding talks with the US, bonds are quickly correcting.
MBS are still up 5 ticks (.16) on the day but down almost 3/8ths from the highs.
Lenders who aggressively repriced for the better in response to the earlier gains could now be considering negative reprices.