MBS MID-DAY: Moderate Pull Back Ahead of FOMC

Treasuries had a fairly uneventful overnight session–this time paying much more attention to the movement in European bond markets (not the case yesterday). It’s somewhat significant, perhaps, that both US and German 10yr yields just barely failed to break late August lows. This is a closely-watched technical resistance event (i.e. failure to break to new lows is “bad”).

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