It's "so far so good" for MBS this morning, with the 5.5 coupon currently at 100-09, which is 13+ ticks up from the official close, but a scant single tick up from going out levels.

The scheduled data calendar stays pretty dormant today with Store Sales (no one cared...), redbook (no one ever cares), BOC announcement (p-shaw! as-if!), State street confidence index at 10 ET, of moderate importance, and a few T-Bill auctions (what's a T-Bill? The world has spoken, and it wants MBS!)

More data and analysis to follow. We will assess availability of space in today's "MBS War Room" and post here if seats are available.