More on CYS Investments (CYS) Q2 earnings: The company puts together a neat table of how agency MBS prices reacted to Fed actions during Q2, noting sharp drops in prices (and rises in yields) on the days of minutes releases and the June FOMC statement/Bernanke press conference. The volatility created "a dislocation between the value of our assets and hedges" Indeed. A must-read for all mREIT (REM) investors. At today's $8.89 close, the stock traded at a 12.7% discount to book value. CC tomorrow at 9 ET. Shares +2.2% AH.