Overnight, the marketsold-offduring Asia trading hours and thesell-off continued during theLondon session with UK PMIcoming in at the highest level in over 16 years. In the U.S., the sell-off continues with the curve 3 bpssteeper (2s10s) and 10-Year notesoff a quarter point. MBS are holding in well another 3-4 tics tighter vs. duration hedges as overnight locks at many originators were light and dealers go out looking for bonds to sell the Fed.
At 11:00 AM EST there is a USTbuyback in the 2/36-8/43 sector and at 5:00 PM ESTFed President Williams will be speaking.
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