Who would have ever imagined that a week where the Fed Minutes included the first notion of post-pandemic instance of "tapering" could end up being "quiet?!"  Yet that's an apt descriptor for a week with the narrowest trading range since late January (1.605 to 1.692 currently).  Markets are waiting on a real data on the real economy, and we're just now getting into the more relevant time frame for such things.  The overall process will take months to sort out, and it could easily occupy the broader sideways range between 1.48 and 1.77.  In the short term, however, we'll confirm our next big move when 1.62 or 1.69 is convincingly broken.

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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
103-15 : +0-01
Treasuries
10 YR
1.6270 : -0.0070
Pricing as of 5/21/21 10:00AMEST

Tomorrow's Economic Calendar
Time Event Period Forecast Prior
Friday, May 21
9:45 PMI-Composite (source:Markit) * May 63.5
9:45 PMI-Services (Markit) * May 64.5 64.7
9:45 PMI-Manufacturing (Markit) * May 60.2 60.5
10:00 Exist. home sales % chg (%)* Apr 2.0 -3.7
10:00 Existing home sales (ml)* Apr 6.09 6.01