Today was a so-called "inside day" for bond markets, meaning prices and yields remained INSIDE yesterday's range of prices and yields.  Economic data fell on deaf ears and related markets didn't cause too much of a fuss.  Oil and stocks ended the day near unchanged levels and bond markets picked up a bit of the ground lost yesterday afternoon.

This wasn't necessarily destined to be the case from the outset as bond yields and stock prices were initially higher overnight.  10yr yields were holding a supportive ceiling at 1.91 when stock futures began falling, eventually helping bonds move into positive territory.   Treasuries briefly returned across the unchanged line mid-morning and then moved back into positive territory for the rest of the session.  MBS lost less in the morning--never crossing into negative territory--but also gained less in the afternoon.

Tomorrow morning brings the big jobs report.  NFP is expected in at 190k this time vs last month's huge 292k, with the unemployment rate remaining unchanged at 5.0%.

MBS Pricing Snapshot
Pricing shown below is delayed, please note the timestamp at the bottom. Real time pricing is available via MBS Live.
FNMA 3.5
104-25 : +0-02
10 YR
1.8460 : -0.0350
Pricing as of 2/4/16 5:17PMEST

Today's Reprice Alerts and Updates
A recap of Alerts and Updates provided to MBS Live subscribers.
10:37AM  :  ALERT ISSUED: Bonds at Weakest Levels as Stocks Advance

MBS Live Chat Highlights
A recap of featured comments from the Live Discussion on the MBS Live Dashboard.
Ted Rood  :  "The fact that China's economy was a house of cards became pretty apparent before the Beijing Olympics when they showed brand new, empty cities that were built just to keep construction companies working."
Brent Borcherding  :  "Jason, they don't see it or aren't honest about what they see."
Jason Wilborn  :  "which is why everyone is so surprised when the fireball lights up the night sky"
Jason Wilborn  :  "the IMF and FED never see a hard landing MG"
Tom Schwab  :  "MG, can you please send a text alert out when the FHA EAD issue is resolved in chat?"
Timothy Baron  :  "Another stellar newsletter, MG."