On the approach, this week looked very light in terms of relevant calendar events to inspire trade.  So far, that probable lack of inspiration is turning out to have been vastly understated.  Today's session was worse than dead, as there was actually a reasonable amount of dollar volume (given the fact that much of Europe was on Holiday), yet effectively no movement to show for it.

In fact, unless you move out to the 3rd decimal, 10yr yields have been at 2.61 for 4 hours!  MBS sing a similar song, having not budged more a tick from 102-09 during the same time.  All things considered, the trading week has yet to begin.  It'll get another chance tomorrow with more participation from Europe and the start of the Treasury Auction cycle. 

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
97-30 : -0-05
FNMA 3.5
102-09 : -0-04
FNMA 4.0
105-18 : -0-03
2 YR
0.4227 : +0.0197
10 YR
2.6113 : +0.0143
30 YR
3.4481 : +0.0111
Pricing as of 6/9/14 3:54PMEST

Today's Reprice Alerts and Updates
A recap of Alerts and Updates provided to MBS Live subscribers.
2:48PM  :  Excessively Light Trading Activity; Treasuries/MBS Flat-Lining
9:22AM  :  Bond Markets Threaten Another Move Weaker after Downbeat Overnight Session

MBS Live Chat Highlights
A recap of featured comments from the Live Discussion on the MBS Live Dashboard.
Jason Anker  :  "HP - yes thats a good point but if they sold and help zero then the gun is empty"
Victor Burek  :  "maybe meant, hold mbs now and if a bubble starts then sell"
Hugh W. Page  :  "So holding MBS would keep supply lower theoretically keeping prices firmer and rates lower all thing being equal) which could possible help fuel a bubble. What am I missing?"
Jason Anker  :  "higher rates would cool housing so bubble would be contained if they did that"
Jason Anker  :  "they can sell to puch rates UP"
Hugh W. Page  :  "how exactly does the Fed "holding MBS" help contain future housing market bubbles? Someone please explain...."
Kenneth Crute  :  "SK we do, and that is a new one "
Matthew Graham  :  "tomorrow night"
BRANDEN REEVES  :  "MG - I don't know if you stated this already but when is the roll for MBS's this month? "
joon choi  :  "sk, no"
Sung Kim  :  "so have you ever seen post closing stip that says HOI coverage must be at least equal to the loan amount?"
Sung Kim  :  "anyone sell to stonegate mortgage on correspondent side?"