DATE: Tuesday 03/11/2008 at 10:45 AM (Eastern)
The bench-mark, continuous 10-yr, futures contract price is getting hammered (rates increasing) . In the event the contract price closes today below 117.15 (currently 119.02) momentum is likely to gather to the downside (rates higher).
The Fed matched Friday's $200 billion with another $200 billion in the form of net Term Securities Lending Facility (TSLF). The program will be for 28 days and will allow MBS and non-agency Aaa rated private-label residential MBS as collateral. Markets responded today by hammering treasuries, bouncing stocks, battering the euro and yen.
|