Bonds continue grinding it out in an exceptionally horizontal sort of direction!  If you saw the best and the worst of trading levels on Monday, you've more than covered the entire range of bond market movement this week.  To wit:

2017-4-6 close

The more we zoom out, the less consequential the past few days of intraday volatility become.  That said, they've been more interesting than they otherwise might be because rates are so close to their lowest levels of 2017.  That adds to a sense of excitement about the next move (because narrow ranges like this don't last).

If we put today's volatility under a microscope, we can see the NYSE open (9:30am) and a series of headlines from the NY Fed (10:30am) putting upward pressure on rates heading into the noon hour.  Yields bounced, notably, at 2.367--the lowest "confirmed close" for 10yr Treasuries before Tuesday ("confirmed" meaning 10yr yields ended 2 consecutive days at or below the level in question).  Even then, I wouldn't read anything into the bounce other than the market's desire to remain neutral until it figures out where the next big inspiration is coming from.

Is it coming from tomorrow's NFP?  Probably not, although NFP can always make you doubt that assumption in the minutes and hours directly following the report.


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
102-22 : +0-01
Treasuries
10 YR
2.3408 : -0.0162
Pricing as of 4/6/17 5:15PMEST

Today's Reprice Alerts and Updates
A recap of Alerts and Updates provided to MBS Live subscribers.
10:47AM  :  Behind the Weakness
10:35AM  :  ALERT ISSUED: Negative Reprice Risk Increasing
10:07AM  :  Modest Gains at NYSE Open; Eyes on Yesterday's Floor

MBS Live Chat Highlights
A recap of featured comments from the Live Discussion on the MBS Live Dashboard.
Matthew Graham  :  "probably wouldn't be the end of the world. And with a number like that, the internals/revisions get more attention"
Matthew Graham  :  "250k is iffy"
Sung Kim  :  "I am trying to think back, but has NFP created any huge volatility for a while?"
Matt Hodges  :  "market is performing well after ADP & Fed minutes with BLS on horizon"
Jason Anker  :  "out of the range? like way up there @ 2.6?"
Matt Hodges  :  "MG: can we assume that the traders don't care about a 250K print tomorrow? Only something shocking like 300K would move us out of the range?'"