We have a light day on the calendar today with only Markit U.S. Manufacturing PMI. The Index ended January at 53.9 vs. 53.7 at the mid-month reading; December's reading was also 53.9. The preliminary reading for February showed the index outperformed expectations of 53.6, posting 54.3. Treasuries are getting a boost this morning as political tensions in Europe and rising uncertainty regarding Greece's debt talks spurred demand for safe haven U.S. assets. The Euro continued to decline for a third day today, down -0.4% to $1.1318 per Euro for a total dip of -0.7% for the week. The curve has bull flattened with 2s10s down -2.8 bps and MBS are underperformingtreasuryhedges by 3-4 ticks in the production coupons.
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