Mortgage backed securities closed down 22 basis points today at 100.72 having come to rest below the 25 day moving average and are now just 13 basis points above the 50 day moving average. Bonds were trading in the black for the day, until results came in from the Treasury auction. Today the government auctioned off Treasury Inflation Protected Securities (TIPS), somewhat tangiential offerings, which were sold at a rate of minus 0.55. This was their first foray into the negative.
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