weaker overnight and modest additional selling after 830am data. MBS down 3 ticks (.09) and 10yr up 2bps at 4.369
MBS down 10 ticks (.31) and 10yr up 5.3bps at 4.402
Some volatility in response to news that the US is considering renewed strikes in Iran, but losses have been erased since then. MBS still down about 30bps and 10yr up 5bps at 4.398
Slightly weaker after Fed announcement. MBS down 14 ticks (.44) and 10yr up 5.8bps at 4.406
Weakest levels. MBS down nearly half a point. 10yr up 7bps at 4.42
Bonds are just a hair weaker than they were before the Fed Announcement, but not for any reasons that are obvious in the announcement itself.
The most notable development was 4 dissenting votes--the most since 1992. Only one of those dissents was due to disagreement on holding steady vs cutting.
The other 3 dissents cited--in the Fed's own words--disagreement with the "easing bias."
Frankly, we're not sure what the "easing bias" refers to considering the statement continues highlighting two sided risks to the outlook, but in general, if one disagrees with an easing bias, that is net hawkish, and could be contributing to some of this additional selling.
MBS are now down 14 ticks (.44) and 10yr yields are up 6.4bps at 4.413.