• High Yield  of 1.119%
• 92.32 % taken at high yield
• Bid To Cover 2.68
• 49.4% indirect bid

Initial reaction in MBS is a SHORT shot downward.  FAR FAR FAR to soon to jump to conclusions on market direction.  Initial reaction is more muted than other post-auction 5 minute windows.  We'll keep you posted and get back to you with more details shortly. 

(Updated below at 2:33pm):

After a much longer than normal period of back and forth in a much tighter than normal range, bonds have decided to improve and stocks to sell (AT LEAST FOR NOW!).  MBS are flirting with unchanged on the day with the 4.5 currently at 100-05.  If you do see any reprices at this point, they're more likely to be for the BETTER.