Both MBS and Treasuries are trading in just slightly better territory than Friday's best levels. That's really about all there is to say about today. There's been no meaningful data or headlines. News of a bailout for Portugal's Banco Espirito Santo looked like it might have been important, but market movement hasn't concurred.
Essentially, Treasuries drifted sideways overnight and have been moderately positive so far in the domestic session. MBS opened flat and have similarly been improving. One of the only correlations to observe is that stocks have moved mostly lower over the same time.
The S&P is now back in line with Friday's 4pm levels after initially moving higher overnight. 10yr yields are down 3.2bps at 2.473 and Fannie 3.5s are up 6 ticks at 102-15.
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