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Daily Market Update 7/28/09

It has been a volatile day for mortgage-backed securities (MBS) markets, with rates improving early, then moving back into unchanged territory. MBS prices rose after Consumer Confidence fell more than forecast. However, this afternoon’s Treasury auction of 2-year notes brought disappointing results, causing a reversal in MBS prices. The remainder of the week is likely to be more volatile than usual, with key economic data due out each day, in addition to two more days of large Treasury auctions.

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