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Bond markets are closed as of 2pm EST with the exception of a few errant last-minute trades. Those were of little consequence and fell well within the tight central trading range for MBS between 104-24 and 104-28 in Fannie 3.0s. Treasuries fared worse by comparison--as is typically the case for headline-driven "risk-on" or "risk-off" swings.

After coming in the door under 1.7, 10yr yields hit the 2pm mark just over 1.75. If markets were still open, yields would be closer to 1.80 according to futures prices, following recent headlines from the Senate floor. Mitch McConnell noted that talks with Vice President Biden were "successful" and that agreements had been reached on all tax issues.

S&P's rose roughly 10 points since 2pm and 10yr Treasury futures prices shed 9/32nds in the same time, a move that would equate to around 3 basis points of movement in normal, liquid markets. But with much of the market closed and volume lower-than-normal to begin with, there's no way to know where markets would otherwise be trading these events.

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