The overnight session saw the lion's share of today's movement, resulting in MBS/Treasuries opening at their best levels of the year yet again.  Tradeflow momentum helped during Asian hours as Japanese money managers continued selling domestic and foreign equities.  Economic data added to the bond-market positivity in Europe as Inflation was tame, and Retail Sales were weak in Germany.

US economic data hasn't been too interesting or had too much of an impact in either direction--coming in fairly close to consensus on all accounts.  Stocks are moving higher, but bond markets haven't been following in the same lock-step seen in recent sessions.  Considering that phenomenon in conjunction with the calendar, "month-end buying" comes to mind as a possible explanation for the incremental positivity.   That makes next week even more interesting.

MBS Pricing Snapshot
Pricing shown below is delayed, please note the timestamp at the bottom. Real time pricing is available via MBS Live.
FNMA 3.0
97-09 : +0-11
FNMA 3.5
101-16 : +0-08
FNMA 4.0
104-25 : +0-06
2 YR
0.3356 : -0.0154
10 YR
2.6603 : -0.0347
30 YR
3.6070 : -0.0280
Pricing as of 1/31/14 11:52AMEST

Morning Reprice Alerts and Updates
A recap of Alerts and Updates provided to MBS Live subscribers.
10:13AM  :  Bond Markets Little-Changed to Marginally Weaker After PMI and Sentiment Data
9:26AM  :  Bond Markets Hold Overnight Gains After Morning Data

Live Chat Featured Comments
A recap of featured comments from the Live Discussion on the MBS Live Dashboard.
Oliver Orlicki  :  "would love to end the week at 105 on the 4"
Victor Burek  :  "if data is weak, you will get your wish"
Matthew Graham  :  "RTRS- US DEC PERSONAL SPENDING +0.4 PCT (CONSENSUS +0.2 PCT) VS NOV +0.6 PCT (PREV +0.5 PCT) "
Matt Hodges  :  "spending up, income flat... sounds like credit cards"
Christopher Stevens  :  "article basicaslly saying some are reducing 10YR estimates lower by EOY. where some were looking for a yld of 2.75-3.25 by mid year they are now thinking 2.50 - 2.95"
Christopher Stevens  :  "As MG stated this morning a lot will depend on NFP next week. Another weak number could help this rally sustain itself"
Sung Kim  :  "yup, good news is that it wont take long to clear the pipes"
Matt Hodges  :  "and they surely won't do it until at least after ADP"
Victor Burek  :  "I think we turned the corner on the economy...and its getting worse from here for a while"
Sung Kim  :  "i dont like to see this Provident Funding announced "We have received numerous requests from our broker community to reduce uniform compensation levels in order to better position their companies for the current market environment and provide consumers more competitively priced loans. "
Nathan Miller  :  "solid rate sheets this morning so far, couple lenders threw out big.375-.5 price imp's"