Ending the tightening and healthy tones that carried the market across Jan. 1, spread volatility reared last week as swaps moved out and Treasurys dropped - all on the cusp of the Arizona gatherings, which, traditionally, render the asset-backed market lifeless.

"It's been a very fascinating few days," said Jeff Salmon, of Barclays Capital. "When spreads move out one or two points, you yawn. We're talking 22 to 36 spread widening. Holy-moly."

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