The 10-Year yield advanced two basis points, or 0.02 percentage point, to 3.01 percent at last Friday’s close breaking through prior support and even flirting with 3.02% (highest since July 26, 2011). Todaywe have pending home sales MoM expected at a positive 1% following five down months in a row. The Dallas Fed general business activity index in November posted its sixth consecutive positive reading and this month is expected to come in at 2 vs. 1.9 prior. Overnight we saw a bull flattening in the yield curve with mortgage spreads tightening roughly 6 bps.
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