I'm running out of ways to talk about trade-war-related headlines driving risk-on vs risk-off movement in stocks and bonds.  In case you've missed it, this simply refers to stock market losses heading into the end of last week in response to recent tariff announcements and the the corresponding trade war fear. 

As stocks approached early February's 'flash crash' lows, bonds increasingly soaked up some safe-haven demand from all the money fleeing the stock market.  From there, as stocks managed to bounce and avoid setting new 2018 lows, bonds have returned to March's dominant range with 2.80% acting as a floor for 10yr Treasury yields.

Today saw the same theme play out amid slightly lower volatility.  This could be due to tomorrow's NFP announcement, which often motivates a bit of a consolidation in markets due to the potential volatility that can follow.  Unfortunately, the low-volatility move in Treasuries took them 2.5bps higher in yield. 

MBS, once again, managed to outperform in the face of broader bond market losses.  Think of this as payback for all the days where Treasuries improved at faster pace than MBS were able to match.

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
99-31 : +0-00
10 YR
2.8338 : +0.0438
Pricing as of 4/5/18 4:41PMEST

Today's Reprice Alerts and Updates
A recap of Alerts and Updates provided to MBS Live subscribers.
9:33AM  :  Slightly Weaker; Data Disregarded; Europe Tries to Help

MBS Live Chat Highlights
A recap of featured comments from the Live Discussion on the MBS Live Dashboard.
Ramona Hall  :  "oh my....whats going on with rates?"
Matthew Graham  :  "Why Did MBS Prices Just Inexplicably Tank? "
Caroline Roy  :  "funny item i just found on the IRS website while researching a gift tax return. In case this impacts any of you: No checks of $100 million or more accepted. The IRS cannot accept a single check (including a cashier's check) for amounts of $100,000,000 ($100 million) or more. If you're sending $100 million or more by check, you'll need to spread the payments over two or more checks, with each check made out for an amount less than $100 million. The $100 million or more amount limit does not apply to other methods of payment (such as electronic payments), so please consider paying by means other than checks"