Both Treasuries and MBS inched their way to the best levels seen in more than 2 weeks today, and it couldn't be much less exciting.  Today's trading range was the narrowest in nearly a month and volume was as low as it's been over that same time frame.  There were no meaningful economic reports and no discernible reactions to any of the potentially interesting news stories that came out during the day.

For all intents and purposes, it was merely a continuation of the weekend--a fate that befalls Mondays from time to time.

When there is so little going on in terms of the "stuff" that would normally hold our attention, one of the only other places to look is the technical landscape.  This means we're making observations and drawing conclusions  based on raw market data and math applied to it (as opposed to news, economic reports, or other events).  In other words, technical analysis is all about trading levels and other measurable parameters relating to those trades.

The technicals are friendlier now than they have been recently.  Several measurements say things are as good as they've been in more than 2 weeks.  Wait... did that sound familiar--"more than 2 weeks?"  Ah yes!  The first sentence of this recap!  Therein lies one potential pitfall of reading too much into the technical suggestions: they aren't necessarily as meaningful amid lower volumes.  Still, it's a better turn of events than technicals being NEGATIVE amid lower volumes.


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
103-03 : +0-03
Treasuries
10 YR
2.3181 : -0.0249
Pricing as of 11/6/17 5:04PMEST

Today's Reprice Alerts and Updates
A recap of Alerts and Updates provided to MBS Live subscribers.
10:19AM  :  Slightly Stronger Amid Quiet Trading

MBS Live Chat Highlights
A recap of featured comments from the Live Discussion on the MBS Live Dashboard.
Sung Kim  :  "the fed has been and always will be overly reactionary because their actions do not produce immediate results"
Timothy Baron  :  "My point is - do you want an overly reactionary Fed?"
Timothy Baron  :  "Frameworks and rules are important for market stability."
Sung Kim  :  "when you add in the estimated lag effect, they are always going to undershoot or overshoot equilibrium"
Sung Kim  :  "if they knew there was going to be a recession then there would be no recessions - economists and utopia are ostensibly inseparable"
Matthew Graham  :  "I agree with you JA. Frameworks and rules generally don't make sense to my mind when it comes to something as dynamic and unpredictable as the global financial system."
Jeff Anderson  :  "How can they make a plan when they don't know the depth of the next down turn? Sounds like a lot of if-thens, but wait, if this then that. I guess any sort of plan makes one feel better."
Matthew Graham  :  "RTRS - WILLIAMS SAYS "OPTIMAL" TO HAVE DECISION ON BEST RATE-SETTING FRAMEWORK BEFORE NEXT RECESSION"
Matthew Graham  :  "RTRS - WILLIAMS SAYS WANTS SERIOUS DEBATE OVER NEW FRAMEWORK FOR FED RATE SETTING OVER NEXT COUPLE YEARS"