2024-02-07 08:04:00 ET
Summary
- Sluggish out of the gates.
- Negative on the negative convexity.
- Supply glimpse offers insight into prepays.
By Albert Durso, Senior RMBS/CMBS Strategist, Analytics, LSEG Data & Analytics
January flops as rates trend higher
In a puzzling open for MBS, especially after the robust close out to 2023, spreads widened as prices dropped and traders once again debated the debatable-timing and direction of forward Fed rates moves....
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U.S. MBS Falls Apart Mid-Month