Surprise surprise!  The range is still the range for bond markets and mortgage rates.  Yesterday's tough talk from Fed Presidents Dudley and Lockhart proved to be individual opinions amid a broader, softer stance from the whole of the Fed.  

Bond markets were essentially unchanged heading into the FOMC Minutes and improved slightly afterward.  There was no major economic data this morning, with most of the overnight and early morning cues coming from European bond markets and pre-Fed positioning.  

In the bigger picture, today did nothing to challenge the recent range, and did very little to add to our sense of what the Fed might do in the next two meetings.  We did get at least a tidbit of info when 10yr yields bounced at almost exactly the same ceiling level as yesterday (1.588 vs 1.587).  This gives us something to watch and freak out about if it's broken.  For now, we're heading out the door closer to 1.56.  


MBS Pricing Snapshot
Pricing shown below is delayed, please note the timestamp at the bottom. Real time pricing is available via MBS Live.
MBS
FNMA 3.0
103-19 : +0-03
Treasuries
10 YR
1.5590 : -0.0170
Pricing as of 8/17/16 3:46PMEST

Today's Reprice Alerts and Updates
A recap of Alerts and Updates provided to MBS Live subscribers.
2:05PM  :  No Major Drama Following Fed Minutes Newswires
11:01AM  :  Modest Gains at NYSE Open, But No Momentum

MBS Live Chat Highlights
A recap of featured comments from the Live Discussion on the MBS Live Dashboard.
Brian Bockholdt  :  "Agreed VB. Maybe not even really expecting but the market would rather get out on front of potential bad news more promptly than it cares to get of in front of good news"
Victor Burek  :  "I think the sell off lately was due to expecting a bullish statement...so just correcting back"
Ray J  :  "maybe more an affirmation of status quo?"
Matt Hodges  :  "MG - doesn't seem like minutes to rally on. Is this a repudiation of Dudley yesterday?"
Ray J  :  "naw, there was a comma missing this time"
Ronald Robison  :  "Those fed minutes sound the same as they did 2 years ago"
Matthew Graham  :  "RTRS- SEVERAL POLICYMAKERS CONCERNED LOW RATES COULD HAVE NEGATIVE IMPACT ON FINANCIAL STABILITY"
Matthew Graham  :  "RTRS- MOST VOTING MEMBERS SAID QUICK RECOVERY IN FINANCIAL MARKETS AFTER BREXIT VOTE REDUCED UNCERTAINTY"
Matthew Graham  :  "RTRS - A COUPLE OF VOTING MEMBERS WANTED MORE EVIDENCE INFLATION WOULD RISE TO TARGET BEFORE RATE HIKE"
Matthew Graham  :  "RTRS- SEVERAL VOTING MEMBERS SAID FUTURE SLOWDOWN IN JOB GAINS WOULD ARGUE AGAINST NEAR-TERM HIKE"
Matthew Graham  :  "RTRS - VOTING MEMBERS AT FED JULY MEETING AGREED MORE DATA NEEDED BEFORE RAISING RATES- MINUTES"
Matthew Graham  :  "RTRS - SOME FED VOTING MEMBERS AT JULY MEETING THOUGHT RATE HIKE WOULD BE NEEDED SOON - MINUTES"
Matthew Graham  :  "RTRS - BULLARD SAYS RISKS MAY BE TO UPSIDE BUT STILL REGARDS STEADY TARGET RATE OF 63 BPS AS APPROPRIATE UNTIL CONDITIONS CHANGE"
Matthew Graham  :  "RTRS - ST. LOUIS FED'S BULLARD STICKS WITH CALL FOR SINGLE RATE HIKE FOR FORESEEABLE FUTURE, GIVEN LOW-GROWTH, LOW-INFLATION "REGIME""