MBS began the session in slightly stronger territory and soon gave up those gains after stronger-than-expected Durable Goods data. Despite the pull-back, prices managed to hold support at unchanged levels. Those session lows along with the opening highs have since formed a range that's been maintained all morning (a narrow 4/32nds or .125). All that despite the 2nd congressional testimony from Fed Chair Yellen.
The next potential market mover is coming up shortly with the 7yr Treasury auction at 1pm. Volatility has been subdued though, and it would take quite a lot to change that today.
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