If yesterday was marked by rather aggressive comments by Fed's Williams (aggressive enough to convince a few market participants that the Fed might cut by 50bps at the end of the month), today was marked by the retraction of those comments.  Well, at the very least, that was the only relevant development of the day, and it happened in two phases.

The first phase was a simple interview that unwound less than half of yesterday's gains.  That actually happened late last night and was well priced-in by the time markets opened.  The 2nd phase happened in the middle of the trading day when the WSJ released an article saying the Fed was likely to only be cutting by 25bps at the end of the month.

That was good or another 25% unwinding of yesterday's gains, but the weaker momentum fizzled quickly enough to leave the broader sideways grind intact.

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
100-24 : -0-04
10 YR
2.0570 : +0.0170
Pricing as of 7/19/19 8:30PMEST

Today's Reprice Alerts and Updates
A recap of Alerts and Updates provided to MBS Live subscribers.
10:28AM  :  Almost No Reaction to Consumer Sentiment
2:16PM  :  ALERT ISSUED: Bonds Hit By WSJ Article Predicting 25bps > 50bps Rate Cut

MBS Live Chat Highlights
A recap of featured comments from the Live Discussion on the MBS Live Dashboard.
Oliver Orlicki  :  "2.06 strong like bull"

Economic Calendar
Time Event Period Actual Forecast Prior
Friday, Jul 19
10:00 5yr Inflation Outlook (%)* Jul 2.6 2.3
10:00 1yr Inflation Outlook (%)* Jul 2.6 2.7
10:00 Consumer Sentiment Jul 98.4 98.5 98.2