Big Intraday Weakness Against Backdrop of Bigger Picture Strength
Abstract
MBS lost more than 3/8ths of a point between 1030am and 330pm today and 10yr yields rose roughly 8bps during the same time. Even after those losses, the day-over-day gains were roughly the same size. The bigger picture is actually brighter dur to today's movement (and data, not the economy. Jobless Claims 229k vs 227k f'cast, 231k prevately weaker overnight. All of the gains happened right at the EU open.
