It's hard to know where to start discussing today's market activity, largely because today's market activity never really started.  Ever since topping our on Friday afternoon, yields have slowly trickled sideways and slightly lower. 

The "sideways" part came first, during Asian market hours.  When European markets began trading, the inaugural QE purchases were readily visible in trading levels.  German Bunds surged lower at their fastest pace since QE was originally announced. 

With respect to Treasuries' willingness to follow Bunds lower, although it's understandable, the word "pitiful" would be an understatement.  Even before European trading began winding down for the day, US bond markets were already leaking lower in price/higher in yield.  Yes, we have a bit of green on the screen today, but it's green that leaves MOST of Friday's red intact. 


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
100-25 : +0-06
FNMA 3.5
104-03 : +0-05
FNMA 4.0
106-16 : +0-02
Treasuries
2 YR
0.7040 : -0.0230
10 YR
2.2130 : -0.0337
30 YR
2.8130 : -0.0320
Pricing as of 3/9/15 12:58PMEST

Morning Reprice Alerts and Updates
A recap of Alerts and Updates provided to MBS Live subscribers.
9:42AM  :  Europe Gets the Sensation; US Bond Markets Can Only Reminisce

Live Chat Featured Comments
A recap of featured comments from the Live Discussion on the MBS Live Dashboard.
Michael Gillani  :  "I'll take what we can get today after Friday, even if it's underperforming the European rally! I just hope we don't trickle back down and lose our gains this afternoon with European markets closed for the day."
Hugh W. Page  :  "The best thing about DST is after a tough day originating you can tee off at 3PM and still get in 18 holes....."
Ray Leone  :  "My only comment on Black Friday of last week is that could you imagine how much more spectacular the employment numbers would have been had it not been for the bad weather in January (sarcasm)"
Victor Burek  :  "eu QE driving down European yields"