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Mortgage securities stare down end of QE3 as rally persists

Market defies forecasts for slump tied to wind-down of Fed's stimulus programme

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Yields on benchmark Fannie Mae notes have shrunk 0.14 percentage point this year relative to government debt, narrowing to within 1.09 percentage points of an average of five and 10-year Treasury rates.

New York

THE end of the Federal Reserve's third round of bond purchases is proving to be a non-event for mortgage-backed debt.

That's partly because even though the US central bank won't be adding more home-loan securities to its balance sheet, policymakers will still be buying

sentifi.com

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