The bond market isn't tasked with underwriting any new long-term Treasury supply today, but it will have to digest the most recent refunding announcement (unveiling of new auction sizes).  Both 10 and 30yr bonds added another $3 billion to already-record auction amounts for next week.  As always, higher supply is bad for bonds, all other things being equal.  Today's more relevant economic reports  can also add to the volatility, but the biggest ticket remains Friday's jobs report.  Early trading has been modestly weaker, reinforcing the importance of recent floors and a shift from April's rally to a more range-bound trend.

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MBS Pricing Snapshot
Pricing shown below is delayed, please note the timestamp at the bottom. Real time pricing is available via MBS Live.
MBS
UMBS 2.5
103-25 : -0-01
Treasuries
10 YR
1.6120 : +0.0200
Pricing as of 5/5/21 8:50AMEST

Tomorrow's Economic Calendar
Time Event Period Forecast Prior
Wednesday, May 05
7:00 MBA Purchase Index w/e 281.4
7:00 MBA Refi Index w/e 3185.3
8:15 ADP National Employment (k)* Apr 800 517
10:00 ISM N-Mfg PMI * Apr 64.3 63.7
10:00 ISM N-Mfg Bus Act * Apr 69.5 69.4
10:30 Crude Oil Inventory (ml) w/e -2.346 0.090