MBS prices are up +2/32 (FNMA 30-yr 4.0 at 103.01), below 9:45 et pricing of +3/32. A high of +6/32 was reached, and favorable repricing was seen from some investors. Consumer Confidence fell to 48.5, below the consensus forecast of 53.0, and the lowest level since February. The Fed's Kroszner stated that the Fed still has plenty of tools available if they decide to take action. The Dow is up 50 points. Tomorrow, no economic data will be released. The results of the 7-yr auction will be released at 1:00 et.
Source: MBSQuoteline.com
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