The week began in slow fashion yesterday both in terms of volume and volatility. That largely remained the case in the bigger picture today, despite some intraday volatility.  It's no longer the case after the close of trading due to the prevalence of the word "impeachment" on the twit-o-sphere, but for now we'll stick to recapping today's events and market movements and see how early overnight volatility plays out in the morning.

Morning data accounted for only a small portion of the overall movement. Bigger moves followed newswires relating to Trump's overnight tweets regarding Russia and national security. Here's the MBS Live update where it helped us. Here's the MBS Live update where it hurt us. Net/net, we came out slightly ahead, with 10yr yields ending the day at 2.328 vs just over 2.34% yesterday.  Fannie 3.5s gained 5/32nds to end at 102-22.

In early overnight trading, 10yr yields are down another several bps to 2.299% (MBS don't trade overnight, but that certainly implies a gain of at least another eighth of a point, assuming no additional volatility before tomorrow's open (unlikely).


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 : +0-05
Treasuries
10 YR
2.2976 : -0.0294
Pricing as of 5/16/17 8:36PMEST

Today's Reprice Alerts and Updates
A recap of Alerts and Updates provided to MBS Live subscribers.
1:53PM  :  Off The Day's Best Levels, But Reprice Risk Still Contained
10:39AM  :  Stocks Tanking, Bonds Rallying on Trump Newswires
9:36AM  :  Holding Ground and Considering Opportunities as NYSE Session Begins