Staying Flat Would be a Victory
Abstract
The bond market lost some ground yesterday afternoon, but the more important takeaway was the day-over-day gains that successfully confirmed Wednesday's break below the 3.17% technical level in the 10yr. Zooming into hourly candlesticks, we see a case to add 3.13% back to the line-up of technical levels as it served as the ceiling for overnight trading today. If you happen to follow along with intraday bond market movements today on MBS Live, keep in mind.
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