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Extremely Quiet Conditions; Narrow Ranges; MBS Little-Changed
Posted to: Micro News
Monday, February 10, 2014 3:25 PM

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Much like the afternoon update on Friday, here's another one for our users that may not be tuned in to charts on the dashboard.  For those who are, the tenor of the day has been obvious.  Bond markets have essentially flat-lined following Friday morning's post-NFP volatility.

Volume is way down in the Treasury complex and yields have twice made lower highs and higher lows compared to the overnight range.  For 10yr yields, that's made for a range  of 2.664 to 2. 695.  Fannie 4.0s have held between 105-02 and 105-05 all afternoon, but keep in mind they roll tomorrow (so prices will drop roughly 10/32nds).

For what it's worth, after this second "lower high" bounce in Treasuries, 10's are right on the edge of unchanged territory.  MBS continue to outperform with Fannie 4.0s and 3.5s higher 5 and 3 ticks on the day respectively.

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