Today's economic data consisted only of Chicago PMI (sometimes a decent market mover) and Pending Home Sales (rarely a noticeable market mover).  It also suffered from the fact that it was a Monday during the middle of summer--meaning that participation levels among traders were lower than normal.  Volumes ultimately made it up to nearly average levels, but that's low for a month-end trading session (nearly a quarter of the day's volume happened in the 5 minutes between 2:58 and 3:03pm, surrounding the 3pm CME close--the closest thing the bond market has to an official 'closing bell.'  

The volume didn't bring any volatility along for the ride.  Rates rose modestly in the morning, largely following European markets (thanks to stronger Eurozone inflation data).  EU bonds reversed course and took part in a broader risk-off trade at the 9:30am NYSE open.  Stocks, bond yields, $/Yen all moved moderately lower in concert.  

The gentle risk-off move deposited bonds very close to unchanged levels on the day and they never did anything else too exciting.  There were a few moments where Treasuries broke into positive territory, but 10yr yields ultimately ended the day up half a bp at 2.296.  Fannie 3.5 MBS scratched out a token victory, rising 1/32nd of a point to end the day at 102-30 (102.94).

MBS Pricing Snapshot
Pricing shown below is delayed, please note the timestamp at the bottom. Real time pricing is available via MBS Live.
FNMA 3.5
102-30 : +0-01
10 YR
2.2960 : +0.0090
Pricing as of 7/31/17 5:18PMEST

Today's Reprice Alerts and Updates
A recap of Alerts and Updates provided to MBS Live subscribers.
9:26AM  :  Bonds Slightly Weaker. Europe and Corporate Issuance Weigh

MBS Live Chat Highlights
A recap of featured comments from the Live Discussion on the MBS Live Dashboard.
Hugh W. Page  :  "Or more specifically"
Tony Garcia  :  "can anyone post the link for Fannie that says we can exclude bus losses if the borrower is a wage earner"
Jason Anker  :  "request a ride"
Justin Dudek  :  "anyone ever have borrower who reports schedule C income from Uber or Lyft? If so, how did you complete third party verification?"
Matt Hodges  :  "good huddle...balanced commentary re: month end buying, JPN v EU, inflation. feels like break out is imminent."
Matthew Graham  :  "
New MBS Huddle Released
Slow Start Today, but Volatility Could be Lurking"