Activity remains quiet early in the afternoon hours on this summer Friday. The FN 4.5 has moved 11 ticks (11/32) off the lows of the day. Some lenders baked a chaos cushion into rate sheet this morning, as prices are off the lows you may see spotty reprices for the better. Woo freaking Hooo right?

Id have to say the day is essentially over as exhausted traders make early exits towards the poolside bar. Here is the intraday chart. I feel your pain (mutter mutter mutter muttttter)...if today is like every other day this week we'll follow a sideways range into the close. If servicers have more selling to do (not likely should be done with) might see some price volatility.

[Man the BOSOX got punished last night. Eli the highest paid NFL player????  I cant wait for hockey season to start up. gf turns 23 this weekend. Must make her birthday card! My betta fish is going to get one of those guppies eventually. CME quotes are a little blurry, gotta wipe off some of the blood. Ooooo maybe ill go to Pusser's. Painkiller!!! (Level 4 please). YAAAAAAAAAAAAAWNNNN...what should I make for lunch?]

Woops...sorry inner-thoughts cam was on again.

Allow me to illustrate the illiquidity setting up in the marketplace...see volume tapering off on the bottom chart?

I am currently tearing apart this job's report. Let's see how much I can discredit fundamentals again....

2s vs. 5s: 152bps

2s vs. 10s: 255bps

5s vs. 10s: 103bps