Bond markets didn't put on much of a show today, but what little there was managed to be enjoyable.  Credit that to the fact that trading levels made it back into positive territory twice and held steady through the close.

Overnight weakness was a factor of European markets and global stock market strength.  The 8:30am CPI data came in just slightly weaker than expected, but bond markets caught a big boost.  This could be a sign or even confirmation that sensitivity to inflation data is increasing as markets consider the Fed rate hike outlook.  The fact that the FOMC Announcement is coming up next week probably factors in to this as well.

Existing Home Sales were stronger than expected at 10am, making the opposite argument for bond markets.  But the weakness never took trading levels beyond opening levels.  By the time Europe closed for the day (Europe was a bit of a drag until then), US bond markets were well on their way to a quiet afternoon trend to the best levels of the day.  MBS ended 2 ticks in the green and 10yr yields were 1bp lower.

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
98-23 : +0-02
FNMA 3.5
102-18 : +0-02
FNMA 4.0
105-23 : +0-02
2 YR
0.4756 : -0.0204
10 YR
2.4655 : -0.0095
30 YR
3.2539 : -0.0101
Pricing as of 7/22/14 4:55PMEST

Today's Reprice Alerts and Updates
A recap of Alerts and Updates provided to MBS Live subscribers.
1:22PM  :  Back in Positive Territory After Familiar Rally
10:13AM  :  ALERT ISSUED: Negative Reprice Risk Already a Consideration for Some Lenders
8:51AM  :  Bonds Bounce Back on CPI After Opening Weaker

MBS Live Chat Highlights
A recap of featured comments from the Live Discussion on the MBS Live Dashboard.
Matthew Graham  :  "no kidding. they might as well have made it "eleventy billion""
Adam Quinones  :  ""Colmar-based bankruptcy lawyer William D. Schroeder Jr. said the size of the award was likely an expression of "the jury's anger" against the system." "
Adam Quinones  :  "PHH Mortgage Solutions hit with $16.2M jury award: Read more at"