Who knows how today's trading would have unfolded absent the overnight headlines that North Korea was planning to test an ICBM with a Hydrogen warhead in the Pacific Ocean.  This prompted a risk-off move early in the overnight session (stocks and bond yields lower).  After that, bonds seemed reluctant to challenge either side of the most recent range (2.24-2.28%).

That was basically it for the rest of the day.  Yields drifted down to 2.24% just after the NYSE open, but quickly and decisively bounced.  About an hour later a few big trades came across in the Treasury Futures complex, pushing yields abruptly higher, but not significantly higher.

MBS held even steadier than Treasuries with Fannie 3.5 coupons staying inside an ultra-narrow range of 3/32nds.  We'd expect to see today's range boundaries challenged next week, and for the breakout to hearken some additional momentum in that direction.  All things being equal, a weekend without a nuclear detonation would likely be a net-negative for bond markets.  What a world.


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
103-07 : +0-04
Treasuries
10 YR
2.2534 : -0.0246
Pricing as of 9/22/17 4:51PMEST

Today's Reprice Alerts and Updates
A recap of Alerts and Updates provided to MBS Live subscribers.
12:42PM  :  At The Weakest Levels Of The Day, But No Cause For Alarm
9:56AM  :  Bonds Testing Positive Boundaries

MBS Live Chat Highlights
A recap of featured comments from the Live Discussion on the MBS Live Dashboard.
Matthew Graham  :  "RTRS - KAPLAN SAYS NEUTRAL RATE MAY BE AS LOW AS 2.25 PCT, LEAVING FED "NOT AS ACCOMMODATIVE AS PEOPLE THINK""
Matthew Graham  :  "RTRS - KAPLAN SAYS "OPEN-MINDED" ON ONE MORE RATE INCREASE THIS YEAR IN DECEMBER, THOUGH HAS NOT MADE A DECISION"
Timothy Baron  :  "Sleep well!"
Timothy Baron  :  "Never change the value once you get a PIW/"
Caroline Roy  :  "if you lose it, you are going to feel so smart"