Market Update

An upcoming 10-year Note Auction and rumors that Greece is close to a final deal are leaving Mortgage Bond prices near unchanged this morning but they are off their worst levels.

At 1pm ET, the Treasury will sell $24B 10-Year Notes and follows yesterday's mediocre auction of 3-Year Notes, which weighed on the Bond markets.

I will start with a Floating recommendation as Mortgage Bonds are attempting to stabilize after several days of drifting lower.

Leonard Winslow
Direct: 434-760-2580

943 Glenwood Station Lane, Suite 200

Charlottesville, Va. 22901
leonard.winslow@newamerican.com
web: www.newamerican.com/leonard.winslow

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