The FN 4.5 current coupon has fallen from the 100-00 intraday high alllllllll the way back to 99-16....just one tick higher than yesterday's going out marks. If your lender has not repriced for the worse yet...ITS COMING. If they never repriced for the better following the rally...they still might reprice for the worse.

A bounce near opening price levels is long that bounce holds depends on TSY trader's willingness to push yields higher. Hope for a 10 yr bounce near 3.72%. Not in panic mode just yet....

2s vs. 5s: 151bps

2s vs. 10s: 261bps

5s vs. 10s: 110bps