Mortgage bonds opened slightly weaker this morning eating away some of the small gains from Friday afternoon.
There
was no data this morning. We initially looked to open considerably
weaker as reports from the euro zone indicated the European Central Bank
would buy member nation debt to help keep borrowing costs in check.
However, the ECB downplayed those initial reports and the seesaw
volatility resumed.
We have a light data week but the Fed minutes Tuesday often cause some volatility so caution is key.
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