In what can only be described as a logical stroke of genius, at some point in time, Europe and some of Asia decided it would make more sense to set Monday as the Easter-related market holiday as opposed to Good Friday. As such, the overnight session didn't begin in force until early domestic trading got underway around 6am.
The small amount of activity seen has at least been positive for bond markets, but for no discernible reason. A limited amount of trading in Asia carried Treasury yields slightly lower. Domestic market participants re-set yields back to Thursday's highs and have since moved them down to overnight lows.
MBS opened stronger and have moved up a few ticks since then, seeing less volatility than Treasuries. Fannie 4.0s are up 5 ticks at 104-04 and Fannie 3.5s are up 6 ticks at 100-28.
Note: Ginnie pricing is showing a 3-5 tick loss, but this is due to the Ginnie-only 'roll' taking place on Thursday, but not being reflected in day-over-day price changes until today. There is no crazy weakness present in Ginnies.
There are no significant reports on the calendar this morning and in general, activity is just warming up for slightly better prospects tomorrow.