Treasuries and MBS are both near their weakest levels of the day, but remain in slightly better shape than yesterday's latest levels. The strongest part of the day came just before the cash open in stocks. MBS were up just over a quarter of a point before surging stocks applied some pressure on bond markets.
The morning's economic data was generally disregarded. Housing Starts/Building Permits data was quite a bit weaker than expected but Treasuries/MBS barely budged. This is yet another tacit suggestion that markets are willing to disregard economic data misses until a clearer picture of the weather-related impact develops.
FOMC Minutes coming up at 2pm.
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