In the day just past, bonds weakened moderately amid the lightest volume in more than 3 weeks and a relative absence of market moving data/events.  The losses are somewhat logical in the sense that momentum measurements have increasingly suggested this month's rally momentum was looking tired, not to mention the fact that friendly headlines and events have died down rapidly (i.e. no more daily doses of US/China trade war surprises).

Even if we wanted to say that Huawei news or speculation about the trade war's effect on companies like Apple were still market movers this week, the impacts there have primarily been an issue for the stock market.  Bonds generally shrugged off a rather steep drop in stocks yesterday and then bounced to the weakest levels of the day simply because stocks stopped selling.

In the day ahead, we can expect more of the same unless something new comes along to make a counterargument to the prevailing momentum.  In terms economic data, we only have Existing Home Sales.  This report CAN be a market mover on occasion, but is also easily overlooked.  Basically, it would have to fall very far from the 5.35 million unit forecast to get much attention.

2019-5-21 open

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
101-03 : +0-00
10 YR
2.4230 : +0.0090
Pricing as of 5/21/19 9:30AMEST

Tomorrow's Economic Calendar
Time Event Period Forecast Prior
Tuesday, May 21
10:00 Existing home sales (ml)* Apr 5.35 5.21
10:00 Exist. home sales % chg (%)* Apr 2.7 -4.9