How are giant markets for US mortgage backed securities/Treasuries connected? When rates rise -> fewer borrowers refinance -> duration on

How are giant markets for US mortgage backed securities/Treasuries connected? When rates rise -> fewer borrowers refinance -> duration on mortgage loans up -> MBS investors sell Treasuries = procyclical hedging. Nice @rbrtrmstrng explainer h/t @M_C_Klein
ft.com/content/560364… https://t.co/1oTGhP0JyX

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