'Twasn't the night before Christmas today, but 'twas the week before Thanksgiving.  The "stirring creature" quotient is in the same ballpark.  And for those who have no time for my allusions, I'm saying today saw quiet trading in a narrow range.  The end.

And for those who feel like they need to read a few more sentences in order to feel like they got their effort's-worth in reading a market recap, here you go:

Bonds were noticeably stronger overnight, following a surge in European bond markets after weaker services PMIs in France, Germany, and the broader Eurozone.  Domestic PMI data provided a clear push back in the other direction, essentially taking bonds back to unchanged levels.  

Stocks weren't as convinced as bonds by the PMI data and sold off at 10:30am. That helped bonds regain composure. Stocks and bond yields moved lower into the European close and then fizzled back in the other direction for the rest of the day.

Volumes were low and the range was narrow.  We're not likely to get a resounding comment on trader mentality until the first week of December at this point, even though trade headlines and other geopolitical risks can cause volatility inside the broader range.


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
101-12 : -0-01
Treasuries
10 YR
1.7710 : -0.0010
Pricing as of 11/22/19 5:52PMEST

Today's Reprice Alerts and Updates
A recap of Alerts and Updates provided to MBS Live subscribers.
2:52PM  :  ALERT ISSUED: Reprice Risk Still In Play as MBS Hit New Lows
9:53AM  :  ALERT ISSUED: PMI Data Hurting Bonds; Reprice Risk Increasing For Some Lenders

MBS Live Chat Highlights
A recap of featured comments from the Live Discussion on the MBS Live Dashboard.
Matthew Graham  :  "I think we were on it as a team, but thanks!"
Tom Schwab  :  "Friday Laffs: Thanks Delta Airlines for returning the written verification of employment for a Flight Attendant. SEVEN weeks after ordering. And four weeks after closing. Thanks Delta, it is nice to know you treat employee needs just like my luggage."
Bill Kamboukos  :  "MG - you were on it. It also lines up with the announcement in 2018"
Matthew Graham  :  "Thanks BK. That would be logical considering the FHFA home price release slated for Tuesday morning."
Bill Kamboukos  :  "Following up on the talk about FHFA loan limits for 2020, I was told the formal announcement is coming this Tuesday, the 27th"
Jason Brookes  :  "Locked my own refi today, expect rates to get much better"

Economic Calendar
Time Event Period Actual Forecast Prior
Friday, Nov 22
9:45 PMI-Composite (source:Markit) * Nov 51.9 50.9
9:45 PMI-Services (Markit) * Nov 51.6 51.0 50.6
9:45 PMI-Manufacturing (Markit) * Nov 52.2 51.5 51.3
10:00 Consumer Inflation Expectations (1yr) (%) Nov 2.5 2.5
10:00 Consumer Inflation Expectations (5yr) (%) Nov 2.5 2.4
10:00 Consumer Sentiment (ip) Nov 96.8 95.7 95.7