Perhaps it had to do with yesterday's 1st round of Senate testimony or Comey's prepared remarks giving bond markets an unfriendly bump, but bonds ended up doing very little with today's much-anticipated Comey Q&A.  Then again, not much came to light that hadn't already been known, or that wasn't contained in his prepared remarks yesterday.  All that was left were allusions to info that might come out in the Senate's "closed" session and various table scraps for spin doctors choosing to focus on headlines that financial markets didn't really care about.

Then there's the matter of counterbalancing forces in play.  Perhaps we can give some credit to the ECB Announcement for helping US bond markets push back against politically-induced selling pressure.  The day-over-day rally in German Bunds would certainly suggest that.  Then there is tonight's UK election.  Your guess is as good as mine as to what the bond market implications will be, but we'll know them if we see them.  Either way, traders haven't been shy about suggesting it COULD matter.

Rates began the day in weaker territory and never made it back into the green.  10yr yields were as high as 2.215 at one point but made it back to 2.193 by the 3pm close.  Fannie 3.5 MBS managed to be within 1 tick of 'unchanged' on the day at the same time.


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
103-10 : -0-02
Treasuries
10 YR
2.1885 : +0.0085
Pricing as of 6/8/17 4:55PMEST

Today's Reprice Alerts and Updates
A recap of Alerts and Updates provided to MBS Live subscribers.
2:01PM  :  Markets Taking Comey Testimony in Stride; Reprice Risk Fades
10:13AM  :  ALERT ISSUED: Negative Reprice Risk Increasing as Comey Hearing Begins
9:58AM  :  ALERT ISSUED: Negative Reprice Risk Already a Consideration For Some Lenders
9:19AM  :  ECB Inflation Expectations and Dovish Draghi Help Bonds Recover

MBS Live Chat Highlights
A recap of featured comments from the Live Discussion on the MBS Live Dashboard.
John Tassios  :  "thx MG. I'm thinking due to ECB trading earlier morning"
Matthew Graham  :  "not amazing, but healthy. looks like we'll end up slightly above average"
John Tassios  :  "volumes today MG?"
Ted Rood  :  "This beats the heck out of congressional questions to Yellen."
Christopher Stevens  :  "Comey hearing is a complete waste of time imo. Just politicians talking too much looking for talking points for their term elections."
Ted Rood  :  "Will someone ask him what the definition of "is" is?"