Mortgage bond prices opened slightly positive this morning helping erase
most of the losses from yesterday afternoon. Unfortunately we still
remain a few ticks worse since pricing yesterday morning.
We
initially looked to open considerably positive following overnight
developments in the euro zone. Unfortunately the data came in against
us which pared some of the gains. Weekly jobless claims @ 350k,
expected @ 372k, not rate friendly.
The ECB released a report indicating the possibility of additional downside risks.
We have a 30Y auction this afternoon.
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