Wednesday was a bit silly in the sense that a fairly innocuous reference to tapering in the Fed Minutes was blown out of proportion by the time markets digested it.  Granted, the reaction wasn't even in the same league as the 2013 taper talk reaction, but it was still overdone, given the details.  Specifically, we had a few Fed members say it MIGHT be appropriate to BEGIN discussing a tapering plan in the near future.  They didn't discuss it at this meeting!  Contrast that to 2013's pre-taper meeting and it was literally all they could talk about.  By the time we factor in the much weaker than expected NFP data that arrived AFTER this most recent Fed meeting, it's easy to reconcile a nice bond market recovery in the overnight and early AM trading session.

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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
103-13 : +0-04
Treasuries
10 YR
1.6470 : -0.0360
Pricing as of 5/20/21 9:49AMEST

Tomorrow's Economic Calendar
Time Event Period Forecast Prior
Thursday, May 20
8:30 Philly Fed Business Index * May 43.0 50.2
8:30 Jobless Claims (k) w/e 450 473
8:30 Continued Claims (ml) w/e 3.640 3.655
10:00 Leading index chg mm (%) Apr 1.4 1.3