2.90% or something close to it continues to look like the center of a range of yields that might like to... think about... maybe... potentially... trying... to act as a ceiling for rates.  After bouncing at 2.92% yesterday, yields continued lower today.  That made today the 12th day since rates first hit 2.90% without moving too much higher.  If you're into hope and optimism, this looks like the beginning of a potential bounce.  If you're playing it safe or simply not too hopeful, it's just a more convincing consolidation before rates continue a longer-term move higher.

Today's economic data was a non-event.  Granted, two of the reports were in line with the bond market improvements, but notably, bonds actually weakened somewhat after each of those reports (Chicago PMI and Pending Home Sales).  That wasn't a reaction to the data as much as it was simply evidence that the data didn't matter.

Traders were instead focused on the month-end trading environment, where some accounts are required to hold a certain mix of trading positions for reporting purposes or simply for month-end balance sheet reasons.  That makes the next 2 days critical in determining whether or not this potential ceiling in rates gets a few more ceiling tiles installed, or whether it's boarded up to become a floor under the next move higher.

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
99-27 : +0-07
10 YR
2.8660 : -0.0420
Pricing as of 2/28/18 4:14PMEST

Today's Reprice Alerts and Updates
A recap of Alerts and Updates provided to MBS Live subscribers.
9:22AM  :  Slow Day So Far, Mildly Stronger

MBS Live Chat Highlights
A recap of featured comments from the Live Discussion on the MBS Live Dashboard.
John Tassios  :  "CNBC Live Newstream Article. copy/ pasted small portion of it. Source, CNBC: "Trepidation over mounting debt is not new; numerous CEOs and finance officials have cited greater leverage across both emerging and advanced economies as among the greatest threats to global economic stability. Goldman Sachs recently described U.S. federal deficit spending as headed into "uncharted territory." And U.S. National Intelligence Director Dan Coats labeled the nation's debt — up to $20.7 trillion and set to rise thanks to Congress's recently passed fiscal plans — a "dire threat" to the nation's security.""