We've had a pretty good run recently where bond yields have been willing to at least move in the same direction at the same time during sharper stock sell-offs.  No luck on that front today however.  Stocks sold-off in moderately sharp fashion, and bond yields spent most of that time moving higher instead of lower.

This can mean a couple things, but one of the most likely is that bond buyers have found a limit as to how far they're going to chase a stock sell-off unless that sell-off gets a whole lot worse.  The less onerous possibility is that this is Thanksgiving week and we shouldn't read too much into typical tradeflow patterns because everything could look completely different in the coming weeks.

Finally, for those who would like to maintain a purely positive outlook, I'd pitch it like this:

Bonds managed to hold under recent key pivot points at 3.075 and 3.06% today despite gradual weakness from the morning levels.  


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
100-05 : -0-03
Treasuries
10 YR
3.0610 : +0.0020
Pricing as of 11/20/18 6:23PMEST

Today's Reprice Alerts and Updates
A recap of Alerts and Updates provided to MBS Live subscribers.
4:26PM  :  ALERT ISSUED: Negative Reprice Risk Increasing For Some Lenders
11:01AM  :  ALERT ISSUED: Bonds at Weakest Levels

MBS Live Chat Highlights
A recap of featured comments from the Live Discussion on the MBS Live Dashboard.
Sung Kim  :  "FF futures is not terribly meaningful past 2 more hikes, but a 58% chance in June still implies they are doing June, 60% or so I think is the statistic where it happens with almost certainty"
Sung Kim  :  "the us govt has not come out and said they are going to stop issuing a ton of debt"
Sung Kim  :  "the fed has not come out and said they are going to pause"
Sung Kim  :  "why?"
Raul Lopez  :  "I can not believe Bonds and none reactive to stock bleeding today."
Rob Clark  :  "Liesman mentioned that on CNBC this morning as well. 58% chance in June now and it used to be March."
Hugh W. Page  :  "So, if I'm reading it correctly FF Futures show high likelihood for Dec hike but 2019 maybe not until June? Am I reading that right? https://www.cmegroup.com/trading/interest-rates/countdown-to-fomc.html"