MBS OPEN: Slightly Improved... Waiting For 1pm Auction
By:
Matthew Graham
•
- MBS gained moderately yesterday despite drama
- Stocks were actually down. Wait... What?
- 2 yr auction not well received by bond markets
- Today brings a more pertinent 5 yr auction
- Durable Goods are out already this morning, coming in weaker than the worst estimate
- Excluding transportation, durables were right in line with expectations, this lessens the impact
- Even so, all eyes on the 5yr auction to see if it can stir up a more heady Bid to cover and better foreign participation