Much like Friday, today was uneventful and moderately positive for bond markets.  At some point, we have to consider the combined effects of these sorts of days.  Individually, they're "nice," but not too terribly special.  When they come in 2's and 3's, they add up to a potential shift in momentum.  

Last week's bounce from 2.62% to 2.49% brought us to the cusp of discussing such a momentum shift.  Up to that point, we could have simply been dealing with a "correction" to the market's Fed meeting preparation.  In other words, perhaps yields just got a bit too high in expectation of a faster Fed rate hike timeline and simply had to fall a bit before deciding where to go from there.

Moving lower from last week's levels means we've found momentum that exists independent of the post-Fed correction--probably.  It would be a far easier thing to conclude if today wasn't so quiet for bond markets.   At the very least, the long-term ceiling in yields at 2.62% was confirmed.  It remains to be seen if we'll fully re-enter the post-election range, but to even have a chance means we're in the best shape since late February.


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 3.5
101-28 : +0-07
Treasuries
10 YR
2.4626 : -0.0374
Pricing as of 3/20/17 7:13PMEST

Today's Reprice Alerts and Updates
A recap of Alerts and Updates provided to MBS Live subscribers.
10:43AM  :  Uneventful So Far, Despite Fed Speakers

MBS Live Chat Highlights
A recap of featured comments from the Live Discussion on the MBS Live Dashboard.
Edgar  :  "After the Comey hearings today starting to think my 2.25 before summer and below 2.00 by the end of summer needs an adjustment. Maybe below 2.25 before May? We'll see how the next few weeks play out."
Christopher Stevens  :  "watching 2.46 like a 'dove'"