It was a rough start in the morning yesterday but a rally in the afternoon helped turn us in the right direction. The turnaround was caused by a better than expected 30 yr treasury auction as well as public comments by multiple Fed. officials stating they did not expect any taper of the QE program before the end of the year. This momentum has carried through this morning with a strong opening in the MBS market. If this holds through the day then we should have favorable pricing through the weekend.
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