MBS RECAP: Quiet Conditions Leave MBS Mostly Unchanged


Fannie 4.0s spent most of the morning just barely in negative
territory and most of the afternoon in the green.  All of the above was
contained inside an eighth of a point of movement, for the most part (technically it was a 5/32nds range, but only for a moment or two).

fared slightly worse, but not much, holding near 1bp higher from
Tuesday at 2.9924 into the afternoon.  There were no detectable reasons
to trade in either direction and no detectable traders to do so in the
first place.  This holiday paralysis should continue tomorrow.

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