As expected, today's trading wasn't willing or able to challenge recent rages in any meaningful way. In fact, it didn't even challenge yesterday's range. The morning hours especially lacked purpose and thus succumbed to following European markets' Draghi-inspired gyrations.
The afternoon was slightly more purposeful with a a relatively strong 30yr auction helping to reinforce the upper limits of Treasury yields for the day. 10's subsequently shuffled off to session lows, but didn't make it to yesterday's pre-ADP levels.
MBS made an even less convincing run at yesterday's opening levels, though Fannie 4.0s managed to move into positive territory with the afternoon rally. All eyes on NFP tomorrow, as always.
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