10yr yields briefly hit their highest levels since May 23rd this morning after one large trade started a snowball sell-off in Treasuries.  Before that, modest weakness was already intact.

"A snowball sell-off to 4-month highs" sounds a bit more dramatic than the actual scope of weakness.  At the worst moments of the day, we were still looking at less than 3bps of losses in 10yr yields.  It didn't take long for buyers to take advantage of the yields, even though traders were contending with another big day of corporate bond issuance.  Making the rally slightly less impressive was the fact that stocks were selling at the same time, potentially adding a risk-off component to the move.

Ultimately, 10yr yields weren't willing to dip back below the 2.99% technical level and Fannie 4.0 MBS didn't manage to make it more than 1/32nd (0.03) back into positive territory.  


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 4.0
101-04 : +0-00
Treasuries
10 YR
2.9940 : +0.0000
Pricing as of 9/17/18 5:05PMEST

Today's Reprice Alerts and Updates
A recap of Alerts and Updates provided to MBS Live subscribers.
10:42AM  :  Bonds Rally Back to Unchanged After NYSE Open

MBS Live Chat Highlights
A recap of featured comments from the Live Discussion on the MBS Live Dashboard.
Matt Hodges  :  ""It is well enough that the people of this nation do not understand our banking or monetary system, for if they did, I believe there would be a revolution before tomorrow morning." Henry Ford"
Sung Kim  :  "so wealth gap just gets worse"
Sung Kim  :  "it for sure is an additional tax on the real consumers in this econ"
Sung Kim  :  "i am pretty sure we have a very clear idea what barriers to trade does for worldwide econ growth"
Hugh W. Page  :  "We have no idea what impacts this particular trade war will have on our economy short or long term. We really only have one period of time in our history to compare this to and it was 88 yrs ago."
Victor Burek  :  "long term may be positive, short term maybe not"
Bert Swyers  :  "why wait? if it was a positive development you would think they would announce now and let market rip"
Victor Burek  :  "*TRUMP SAYS CHINA TRADE ANNOUNCEMENT COMING AFTER MARKET CLOSE"

Economic Calendar
Time Event Period Actual Forecast Prior
Monday, Sep 17
8:30 NY Fed Manufacturing Sep 19.0 23.00 25.60
Tuesday, Sep 18
10:00 NAHB housing market indx Sep 66 67