While MBS managed to remain 1 tick in positive territory today, Treasury yields were higher on the day and the overall mood in bond markets managed to remain downbeat for yet another day.  For all intents and purposes, the driving force was simply ongoing "corrective" momentum from the same old correction that's been underway for a week and a half.

There were a few economic reports this morning (Housing Starts and Building Permits--stronger than expected and Import/Export prices--higher than expected), but neither had a noticeable impact on bond trading.

The 9:30am NYSE open was visually the starting point for today's selling pressure.  This reiterates the points above about "corrective momentum" and the unimportance of the econ data.  Simply put, traders wore their selling hats to the office today.  The weakness was the default game-plan, notwithstanding a surprise market mover to help bonds find their footing.  

Whether slightly weaker or stronger, the next big move continues to depend on tomorrow's Fed events.  These include the announcement itself, as well as updated Fed forecasts and a Yellen press conference.  

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
103-07 : +0-01
10 YR
2.2463 : +0.0163
Pricing as of 9/19/17 5:32PMEST

Today's Reprice Alerts and Updates
A recap of Alerts and Updates provided to MBS Live subscribers.
4:01PM  :  ALERT ISSUED: If You Were Planning on Locking Before The Fed, Now's The Time
11:43AM  :  Treasuries Turn Negative. MBS Under Pressure
9:31AM  :  Keep an Eye on These Intraday Technicals

MBS Live Chat Highlights
A recap of featured comments from the Live Discussion on the MBS Live Dashboard.
Gavin Luckman  :  "Just locked, thanks for the heads up MG"
Ted Rood  :  ""I know what you're thinking.....did I run DU 5 times, or 6?""
Nathan Miller  :  "well, do you?"
Ted Rood  :  "depends on whether you feel lucky, punk."
Victor Burek  :  "i have heard peeps losing the piw by doing that, i have never tried as i dont want to risk it"