In stark contrast to the previous week, this one is very light in terms of economic data and events.  That relative silence coincides well with rates returning to a crossroads of sorts. 

When the pace of events quickened over the past three weeks, so too did the pace of market movement.  Yields broke the previous 2014 range and moved forcefully to new lows.

But with last weeks losses, they've returned just back inside that 2014 range--close enough to the edge to easily break lower again or to confirm reentry into the uninteresting sideways range.  

2014-6-8 Treasury

The only significant economic data of the week arrives on Thursday with Retail Sales.  The rest of Thursday's data plays a competent supporting role, and the afternoon brings the end of 3 days of Treasury Auctions. 

On a final note, European bond markets are proving to be a nearly constant consideration.  If you didn't catch Friday's Recap, it's hard not to see Treasuries being incessantly pulled lower (read it HERE).  All that to say, even if domestic events are subdued this week, if European bonds continue rallying, Treasuries would be hard-pressed to do any serious selling.

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
98-03 : +0-00
FNMA 3.5
102-13 : +0-00
FNMA 4.0
105-21 : +0-00
2 YR
0.4227 : +0.0197
10 YR
2.6185 : +0.0215
30 YR
3.4489 : +0.0119
Pricing as of 6/9/14 7:42AMEST

Tomorrow's Economic Calendar
Time Event Period Forecast Prior
Tuesday, Jun 10
10:00 Wholesale inventories mm (%) Apr 0.5 1.1
13:00 3-Yr Note Auction (bl)* 28
Wednesday, Jun 11
7:00 Mortgage Market Index w/e 350.8
13:00 10-yr Note Auction (bl)*
Thursday, Jun 12
8:30 Import prices mm (%)* May 0.2 -0.4
8:30 Retail sales mm (%)* May 0.6 0.1
10:00 Business inventories mm (% ) Apr 0.4 0.4
13:00 30-Yr Bond Auction (bl)*
Friday, Jun 13
9:55 U.Mich sentiment * Jun 83.0 71.6