Bond Markets Keep Rallying in Low Volume. MBS Hit Multi-Month Highs

Posted To: MBS CommentaryThe latest alert on the MBS Live Dashboard at 11:15am works just as well about an hour later to explain current goings on: Dealers Set Em Up, Fed Knocks Em Down. Bonds Rally Post-POMO 11:15 AM The long end of the yield curve ra…

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Posted To: MBS Commentary The latest alert on the MBS Live Dashboard at 11:15am works just as well about an hour later to explain current goings on: Dealers Set Em Up, Fed Knocks Em Down. Bonds Rally Post-POMO 11:15 AM The long end of the yield curve rallied into the Fed's POMO (permanent open market operation), which this morning, is an outright purchase in 25-30yr space. Of the $4.56 bln offered, the Fed took $2.51 bln, good enough to give prices another jolt higher in Treasuries, bringing 10yr yields down into the 1.85's. MBS have followed suit, experiencing a similar jolt. Fannie 3.5's shot up about 5 ticks from 102-16 to 102-21. The 2-3 "early to act" lenders might have their fingers close to the reprice button on these moves, but liquidity and volume remain quite light in MBS land, so most lenders would want to...(read more)
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