Yesterday's recap labeled the trading day as an official 3rd day of the weekend due to an absence of volume or volatility.  The underlying culprit (apart from Mondays generally being slower) was a bank holiday in the UK that contributed to a very slow start in Europe.  

Everyone is back in the office today, and we may soon find that the lesser of 2 evils would have been to simply lament low volume/liquidity.  Reason being: as trading activity returns from its unofficial 3-day weekend, it's been increasingly challenging for bonds.

The implication is that the most closely-watched technical level of the past 2 weeks--2.95% in 10yr Treasury yields--remains very much in play.  2.95% had acted as a firm floor on Friday 4/27 and it kept playing the same role during the first 3 days of last week.  Bonds had begun to chip away at the floor by Friday morning.  Immediately following the NFP data, it looked as if 2.95% was definitively broken, but by the end of the day, yields drifted back up to 'unchanged.'

No in the current week we've only had the one uninspired trading session and--well...  today.  So far, it's not looking good for 2.95%.  

2018-5-8 open


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
99-05 : -0-04
Treasuries
10 YR
2.9722 : +0.0222
Pricing as of 5/8/18 9:14AMEST

Tomorrow's Economic Calendar
Time Event Period Forecast Prior
Tuesday, May 08
13:00 3-Yr Note Auction (bl) 31