After the big move last week, the market was fairly orderly yesterday with lower coupons outperforming hedge ratios and G2/FN marching higher despite rumors of much better selling of the swaps. The market is opening lower this morning, led by 10-Year notes (bear steepening) and MBS are outperforming duration hedges. Risk assets received a boost in the overnight markets as news that the ECB is considering purchasing EU corporate bonds hit the tape.
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