For a day that sits adjacent to NFP Friday, today was calm and uneventful.  Bond markets started out right in line with Friday's latest levels and improved just slightly by the end of the day (but without breaking through Friday's best levels). 

This may be more a factor of the day of the week than anything.  During the summertime, Mondays can be easily picked out on chart, for the most part.  They're generally the lowest-volume days compared to their adjacent peers.  There are exceptions, but they tend to have compelling explanations in tradeflows or surprise events.

2014-8-4 treasury volume

As such, there's little to be gleaned on a day that not only boasts limited participation, but that also doesn't challenge any technical barriers.  In other words--and this is really unfortunate, given the promise that last week exhibited--we're still waiting for the other shoe to drop with respect to the rate range.  10yr yields are still stuck between mid 2.4's and 2.66.  Fannie 3.5s are still stuck between 101-20 and 102-20. 

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
98-16 : +0-02
FNMA 3.5
102-11 : +0-02
FNMA 4.0
105-18 : +0-02
2 YR
0.4683 : -0.0077
10 YR
2.4853 : -0.0197
30 YR
3.2913 : -0.0047
Pricing as of 8/4/14 4:52PMEST

Today's Reprice Alerts and Updates
A recap of Alerts and Updates provided to MBS Live subscribers.
1:48PM  :  ALERT ISSUED: On the Edge of Negative Reprice Risk
12:38PM  :  MBS-Specific Weakness Following Scheduled Fed Buying
9:06AM  :  Bond Markets Moderately Stronger to Start Domestic Session

MBS Live Chat Highlights
A recap of featured comments from the Live Discussion on the MBS Live Dashboard.
Victor Burek  :  "sure seems like it Sung"
Sung Kim  :  "seems like stock lever might be more in play this week"
Matt Hodges  :  "I've seen freddie take less assets, but both at 49.9 with 6 months piti"
Jeff Statz  :  "are you guys getting better results with a high DTI through Freddie or Fannie's AU? plenty assets"