MBS UPDATE: 5 Yr Auction Results In

High Yield 2.31

Median 2.249

Low 2.00

Bid To Cover 2.32

strong 44% Indirect Bid

The AAA credit rating of the US appears to be a fading question.  Nonetheless, MBS have come off their recent peak down from 98-24 to 98-21.  Nothing major...  So far, the 5 yr note hasn't moved more than 2 ticks since the auction.  Very flat for this type of event, indicating the results very much in line with expectations. 

Stay tuned for more info very shortly....