Expect tomorrow's opening rate sheet to be a little worse tomorrow with secondary closing 3 ticks down on the day.
Although it's too early to call it a trend, the MBS tracked downward all day; if this continues tomorrow, it's something to start getting concerned over.
Regardless of what happens tomorrow during business, we can expect opening rate sheets to have worse pricing tomorrow based on today's trading day. If we open in negative territory I do not expect it to take long for banks to reprice for the worse. Especially since we saw some hedging early this afternoon.
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