MBS MORNING: Two Failed Recovery Attempts. Prices Fall Further
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Further selling has been observed in the long end of the yield curve....pushing the 10 yr TSY note to an intraday high of 3.70%.
Two attempts to recover losses and return to status quo have FAILED and prices of rate sheet influential MBS coupons have made a new low of 99-24....
REPRICES FOR THE WORSE WILL OCCUR (unless you haven't received rate sheets yet in which case some lenders will bake the weakness into this AM's first rate sheet).