After 8 days in throes of volatility and weakness, bond markets are finally catching a small break today.   For now, it's no more than a half-hearted pause in an otherwise determined trend--the kind of consolidation that's a necessary part of market movement.

To reiterate a fairly constant point over the past 2 weeks, bond markets are not moving on domestic economic data or other fundamentals.  Motivation has had much more to do with tradeflow momentum and technical levels--basically the "stuff" that's left if you take away considerations for the economy and inflation; trading for trading's sake.

After moving into stronger territory overnight, bond markets completely ignored the weaker-than-expected Jobless Claims data.  The rest of the fluctuations have been mostly in line with stock market fluctuations.  Both MBS and Treasuries have retreated inside yesterday's ranges, but remain in positive territory vs closing levels.

MBS Pricing Snapshot
Pricing shown below is delayed, please note the timestamp at the bottom. Real time pricing is available via MBS Live.
MBS
FNMA 3.0
98-05 : +0-03
FNMA 3.5
101-29 : +0-02
FNMA 4.0
105-06 : +0-02
Treasuries
2 YR
0.5480 : -0.0160
10 YR
2.5250 : -0.0110
30 YR
3.2600 : -0.0100
Pricing as of 9/11/14 12:04PMEST
Morning Reprice Alerts and Updates
A recap of Alerts and Updates provided to MBS Live subscribers.
10:47AM  :  Bond Markets Catch a Break After 9-10am Head-Fake
10:14AM  :  ALERT ISSUED: Negative Reprices Already a Risk for Early Lenders
9:46AM  :  Bond Markets Take a Break from Recent Selling Spree
Live Chat Featured Comments
A recap of featured comments from the Live Discussion on the MBS Live Dashboard.
Victor Burek  :  "blooomberg saying report gets an * since it was for labor day week which is hard to seasonally adjust"
Matthew Graham  :  "RTRS- US JOBLESS CLAIMS ROSE TO 315,000 SEPT 6 WEEK (CONSENSUS 300,000) FROM 304,000 PRIOR WEEK (PREVIOUS 302,000)"
Sung Kim  :  "it is difficult to separate our hope for lower rates and what reality is"
Andrew Benson  :  "I don't know. It's hard when we are in THIS industry to see clearly outside it. The news talks of recovery. Of jobs up and joblessness down. Meanwhile, most of Europe and Asia appear to be in another tailspin or at least a wing-stall, and my gut says rates should be close to 0.75% lower than they are today. I almost don't want to voice that opinion, in case it's some combination of wishful thinking and looking at the economy with blinders on that's clouding my judgment."
John Tassios  :  "yields will drift back down, but at a slower pace. still good demand for our bonds"