The bond market took an entire day to reiterate what it told us yesterday afternoon.  Simply put: it's not interested in rallying much more than it already had before Wednesday's Fed announcement.  Underlying data and events have been a nonissue throughout this bounce.  Bonds have moved higher in yield at their own pace and for their own reasons.  The only question is whether we're just witnessing a quick correction of an overdone response to the Fed or a bigger-picture correction after the Fed response got yields to "trigger levels" for traders to re-set positions.

It wouldn't be a surprise to see a bit more corrective momentum in June as the first week of July is an insane hotbed of potential volatility.  The results of the late June G20 meeting combined with the important economic reports at the beginning of July (all compounded by the market closure on Thursday the 4th) make for the possibility of staggeringly abrupt movement.


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 3.0
100-22 : -0-07
Treasuries
10 YR
2.0590 : +0.0580
Pricing as of 6/21/19 6:45PMEST

Today's Reprice Alerts and Updates
A recap of Alerts and Updates provided to MBS Live subscribers.
10:52AM  :  ALERT ISSUED: Additional Negative Reprice Risk Now
10:00AM  :  ALERT ISSUED: Negative Reprice Risk Increasing For Early Lenders

MBS Live Chat Highlights
A recap of featured comments from the Live Discussion on the MBS Live Dashboard.
Timothy Baron  :  "Pipe control"
Timothy Baron  :  "All I know is I had some weird pricing options yesterday."

Economic Calendar
Time Event Period Actual Forecast Prior
Friday, Jun 21
10:00 Existing home sales (ml)* May 5.34 5.25 5.19
10:00 Exist. home sales % chg (%)* May +2.5 1.2 -0.4