There was certainly some risk of volatility associated with the G20 summit over the weekend, even if no one expected it to produce any fundamental changes (either in the global economy or the market-based response).  For such things to transpire, we'll need to see more substantive progress and a lot more TIME.  The weekend's headlines concerning a trade war truce (and reopening of trade talks) between the US and China weren't entirely surprising, but they were still worth some bond selling in the overnight session.  

Things may have ended up even worse had it not been for economic data weakness and a subsequent bond rally in Europe.  German 10yr yields surged to new all-time lows by the end of the European trading day, and that was the biggest positive input for US bonds.  Apart from that, ISM Manufacturing was mixed, with a stronger-than-expected headline mitigated by weaker internals.  

Without the benefit of the European risk-off trade, US bonds weakened again heading into the afternoon, but yields remained well within the consolidation range we've been tracking.

MBS Pricing Snapshot
Pricing shown below is delayed, please note the timestamp at the bottom. Real time pricing is available via MBS Live.
FNMA 3.0
100-21 : -0-04
10 YR
2.0330 : +0.0330
Pricing as of 7/1/19 6:06PMEST

Today's Reprice Alerts and Updates
A recap of Alerts and Updates provided to MBS Live subscribers.
1:44PM  :  ALERT ISSUED: Negative Reprices Becoming More Likely
12:33PM  :  ALERT ISSUED: Slight Increase in Negative Reprice Risk For a Few Lenders
10:09AM  :  Mixed Reaction for Bonds on Mixed ISM Data

MBS Live Chat Highlights
A recap of featured comments from the Live Discussion on the MBS Live Dashboard.
Victor Burek  :  "The GDPNow model estimate for real GDP growth (seasonally adjusted annual rate) in the second quarter of 2019 is 1.5 percent on July 1, unchanged from June 28."
Rob Downs  :  "Bad Joke Monday: Why is the UW's hair so soft? Because they conditioned it. *sadtrombone*"

Economic Calendar
Time Event Period Actual Forecast Prior
Monday, Jul 01
10:00 ISM Manufacturing PMI * Jun 51.7 51.0 52.1
10:00 ISM Mfg Prices Paid Jun 47.9 53.0 53.2