Today we are seeing MBS continuing their tightening, which
began yesterday after an early rumor spread of a settlement in Congress on the
debt deal. Current coupon mortgages have tightened about 4 ticks (0.125%)
against their treasury hedges at midday, after tightening by a similar amount
yesterday. The treasury curve is also rallying and flattening as well.
Curve flattening dynamics are typically good for mortgages and other fixed
income spread products. We expect the current environment to continue to
be constructive for agency MBS securities.
Tradex Global Advisory Services, LLC
investorrelations@thetradexgroup.com
203-863-1500
@Tradex_Global
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