July 19, 2022 | Premium Service | We start this issue of The Institutional Risk Analyst by noting that the Fannie Mae 4.5% MBS for delivery in August is now above par, a measure of the impact of the bond market rally seen since the mid-June peak of 3.43% for the 10-year Treasury note. Today the 10-year T-note opened below 3% as the yield curve is now inverted from 2s through 10s.
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