Bonds were steady to stronger at first in the overnight session, but were pulled into weaker territory by sharp losses in European bonds due to a €1.85 trillion recovery fund proposal by the European Commission. We're finding our footing at the domestic open with 10yr yields up roughly 2bps and UMBS 2.0 coupons effectively unchanged.
Weaker Overnight Thanks to Europe, but Finding Footing
MBS / Treasury Market Data
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