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Bonds Rally, Stocks Sell on Cohn Resignation Rumor

I'm sure we'll find out more definitively by the end of the day, but for now, the rumor of Gary Cohn's resignation is all it takes for bonds to embark on another mini-snowball rally and for stocks to sell-off.  

If the rumor is confirmed, so too will the market movement likely be confirmed.  Unlike yesterday, today's rumor phase is much more widespread, so it's unclear if there would be as much value in the confirmation (yesterday's Trump tweet essentially confirmed rumors, and that confirmation had a fairly big impact).

If the rumor is denied, we could certainly see a bounce.  Either way, bonds are right on the edge of their recent range with 10yr yields down 1.2bps at 2.213.  Fannie 3.5 MBS are up 2/32nds at 103-09.  

MBS / Treasury Market Data

UMBS 6.0
99.81
-0.01
UMBS 6.5
101.65
0.00
10 YR
4.9181
-0.0118
Pricing as of: 11/2 7:59AM EST
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