Bond markets began domestic hours only slightly weaker, but that didn't last.  Milliseconds into the 8am hour, we saw stronger inflation data in Europe and economically bullish comments in Yellen's prepared statement for today's congressional testimony.  Granted, Yellen is on the way out as Fed Chair, but her thoughts on the global economy are still quite relevant for several reasons (not the least of which being that she's a good indicator of the rest of the Fed's thinking).

Then at the 8:20am CME open (the first major window of liquidity and participation in bond markets) traders were lined up to sell.  This mini-snowball of tradeflows (traders cashing out their previous bets on a flattening yield curve) accounted for the remainder of the early morning market weakness.  The 8:30am GDP data had absolutely no effect (the move was over by 8:26am!).  

From there, bonds were largely flat for the rest of the day.  A late afternoon stock swoon in Europe translated to support for US bond markets, but definitely not enough to spark a rally.  It merely stopped the bleeding.  Corporate bond issuance and tax bill headlines kept the pressure on rates to remain elevated into the close.


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
102-22 : -0-06
Treasuries
10 YR
2.3882 : +0.0512
Pricing as of 11/29/17 6:37PMEST

Today's Reprice Alerts and Updates
A recap of Alerts and Updates provided to MBS Live subscribers.
10:14AM  :  ALERT ISSUED: Negative Reprice Risk Increasing
8:38AM  :  Yields Jump on Yellen Comments

MBS Live Chat Highlights
A recap of featured comments from the Live Discussion on the MBS Live Dashboard.
Ted Rood  :  "Post more"
Oliver Orlicki  :  "Every time you post an update we rally MG"
Matthew Graham  :  "
New MBS Huddle Released
What's Up With Today's Bond Market Weakness?"