It hasn't been a great day for the rates market...if you're an optimist I suppose I could shine some light on your state of mind by saying: at least we are off the low prints of the day. yay!

The FN 4.0 is -0-18 at 97-30 yielding 4.198% and the FN 4.5 is -0-12 at 100-26 yielding 4.422%. The secondary market current coupon is 4.377%.

The FN 4.5 is holding below the 101-00 pivot...

In a SLOW trading environment, 10s are -0-24 at 97-26 yielding 3.639%.  Yeh...that means the important 3.62% support level has been broken.

I am not putting much thought into this support breakdown...moves have been more apparent because of the thinly traded marketplace. READ MORE. With that concept clearly communicated, I think it's safe to point out that I find it difficult to locate any meaningful technical support/resistance levels.

I don't think I need to tell you this, but just in case this is your first post of the day or you haven't seen pricing: Rate sheet rebate is worse.