MBS OPEN: Modest Gains To Open, Auctions and Ben To Come
The AM So Far…
* 2 ticks up so far in 4.5's to 99-11
* tsy futures testing 21 day moving average, good for bonds
* gains or losses likely to be minimal ahead of auctionat 1pm and FOMC at 2:15
* International trade came in slightly better than expected, no one cared
Recap of Previous Session
* Failed test of 99-00 on 4.5 very much confirmed
* even September coupon closing prices held well over 99-00
* 3yr auction was great, but impact muted due to more impending data
* 10yr outperformed pushing to lowest yield since the 5th
…(read more)
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