As of October 16th, we'd been tracking the most recent consolidation in bond yields (and stocks for that matter) waiting for a breakout to suggest the next dose of momentum.  Stocks broke higher with conviction while bonds merely trickled sideways.  Still, they'd technically broken the consolidation, thus implying more momentum toward higher rates.  By the end of the following day, it showed up as 10yr yields moved back over 3.2%.

That began a 2nd, bigger, broader consolidation pattern--the one we're currently tracking (discussed in the Day Ahead).  Much like the previous pattern, the current consolidation is set to run out of room no later than Wednesday of this week.  It took an exceptionally calm day today in order for bonds to remain inside the lines.

If there's an indication of underlying bias, we might consider that yields and rates were holding fairly close together earlier this morning, but when stocks suggested 10yr yields move below the 3.18% pivot point, bonds refused to rally any further.  This is far from conclusive, but anecdotal evidence is the best we can manage today.  


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
99-28 : -0-01
Treasuries
10 YR
3.1997 : -0.0023
Pricing as of 10/22/18 5:22PMEST

Today's Reprice Alerts and Updates
A recap of Alerts and Updates provided to MBS Live subscribers.
3:50PM  :  ALERT ISSUED: Negative Reprice Risk Increasing For Some Lenders
10:49AM  :  No Love From The Stock Lever as Bonds Bounce at Key Level