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Fed cut, steepening curve set tone for MBS; jumbo 6.5s and other coupons scarce on Street as CMO bid takes off

Dealers and MBS traders noted a "delayed reaction" to the 50-basis-point Fed rate cut last Wednesday, as the FOMC move was, for the most part, already priced into the market.

"Overall, mortgages have done well, especially the 15-year sector," said David Montano, director of mortgage-backed research at Credit Suisse...

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