As expected, today's market movements were mere shadows of their former selves, opting for narrow consolidation ahead of the push of important data through the end of the week. MBS began the day moderately weaker, but not quite halfway back through yesterday's gains.
There was very little excitement from there on out as MBS held inside a 5 tick range for all but a few minutes. They generally traded sideways while Treasuries were just slightly worse off. Yields followed the move higher in equities markets but similar to MBS, found support above halfway into yesterday's range.
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