Last week's trading focused almost exclusively on FNMA 5s - at least until Federal Reserve Chairman Alan Greenspan began speaking. Throughout the week, the focus on FNMA 5s took attention away from other market activity, making new issue CMO activity difficult and relative value trading precarious, JPMorgan Securities analysts wrote.

Buying picked up in other coupons, finally, as the roll weakened when the market backed up ahead of Chairman Greenspan's testimony on Thursday before the Joint Economic Committee and held higher as he seemed to indicate the market is not at neutral yet.

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