Today was one of the many summer trading sessions that you wouldn't miss if it never happened.  Bond markets ended up making modest gains after the 5yr TIPS auction (not normally something we look to for market movement!).  Before that, Treasuries and MBS were best described as sideways in the same old range.

The morning hours saw repeated attempts to break below 1.54% in 10yr yields.  The fact that this resistance was easily and casually broken in relatively low afternoon volume suggests it wasn't that big a deal in the first place.  

In the bigger picture, markets continue grinding out narrower and narrower ranges heading into next week's Jackson Hole symposium.  With no data on tap for tomorrow, the trading range should be as good a guide as anything.  With that in mind, rates are slightly closer to the lower end of their consolidative range.  The counterpoint is that the higher end isn't really far enough away to care.


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
103-24 : +0-03
Treasuries
10 YR
1.5340 : -0.0270
Pricing as of 8/18/16 5:36PMEST

Today's Reprice Alerts and Updates
A recap of Alerts and Updates provided to MBS Live subscribers.
1:18PM  :  Bonds Breaking Resistance After 5yr TIPS Auction
10:33AM  :  ALERT ISSUED: Technical Resistance is The Biggest Takeaway

MBS Live Chat Highlights
A recap of featured comments from the Live Discussion on the MBS Live Dashboard.
Sung Kim  :  "clearly, they are developing new models of which we know nothing"
Sung Kim  :  "trying to understand how the delay in raising rates will create recession"
Matthew Graham  :  "RTRS - FED'S WILLIAMS WARNS THAT WAITING TOO LONG TO RAISE RATES RISKS HARD LANDING OR EVEN RECESSION"
Matthew Graham  :  "RTRS - WILLIAMS SAYS RESTARTING RATE HIKES EARLIER ALLOWS MORE GRADUAL PACE"
Matthew Graham  :  "RTRS - WILLIAMS SAYS U.S. ECONOMY IS STRONG"
Hugh W. Page  :  "He thinks we're going to get stagflation which admittedly might be the worst outcome of all potential outcomes. Fed would really be stuck then."
Gus Floropoulos  :  "it will be a rapid rise, and a rapid collapse"
Brian McFarlane  :  "That coming from a guy that could not predict what he was having for dinner when he was Chairman."
Hugh W. Page  :  "See Greenspan's quotes from a Bloomberg Interview to air this weekend. He says rates are going up soon and it could be a rapid rise when it happens. http://www.bloomberg.com/news/articles/2016-08-18/greenspan-sees-u-s-interest-rates-rising-soon-perhaps-rapidly"
Matt Hodges  :  "great write up and understanding of TIPS, MG"