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Weaker to Start, But Bouncing Back

Treasuries were stronger in Asia but yields moved higher during European hours. Equities markets at home and abroad generally followed the same pattern (i.e. prices were lower in Asia and higher in Europe).  If anything, the move was led by European stocks which have been making much better gains than US stocks as the continent lockdowns are increasingly being lifted and businesses are reopening. 

Treasuries found their footing around 6am after equities topped out for the morning.  But the start of the domestic session brought renewed pressure without regard for stocks.  10yr yields hit session highs of .687% shortly thereafter, but are currently down to .679.  MBS were about an eighth of a point weaker when TSY yields peaked, but have clawed back almost half of the early losses.

There are no significant market movers on tap in terms of scheduled econ data (if there even is such a thing right now).

MBS / Treasury Market Data

UMBS 5.5
97.45
-0.21
UMBS 6.0
99.44
-0.18
UMBS 6.5
101.17
-0.13
2 YR
4.9258
-0.0063
10 YR
4.6501
+0.0079
Pricing as of: 4/25 7:47AM EST
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