10yr yields are heading out the door at 2.335--a very significant level considering it had been the lowest closing yield of the year until October 8th.  It's also right in line with a super-long-term inflection point for bond markets with roots as far back as 2010.  Holding underneath it is a good thing, and provides a silver lining to today's otherwise slightly downbeat session.

Today's drama started overnight when the Bank of Japan upped their annual QE allotment to 80 Trillion yen (from 50 previously).  More complete coverage of the effects can be found HERE.

Very little changed from the time of that mid-day update.  Trading levels weakened a bit, but never seriously violated the supportive zone in the mid 2.35's in 10yr yields.  The worst of the weakness was over by 11:30am and bonds rallied all the way back to the day's best levels by 2:30pm.  From there, month-end volatility made a small mess of the afternoon, but it never came close to challenging the day's existing range.  MBS are heading out less than an eighth of a point weaker on the day, and this feels almost impressive given what happened in broader global markets.

MBS Pricing Snapshot
Pricing shown below is delayed, please note the timestamp at the bottom. Real time pricing is available via MBS Live.
FNMA 3.0
100-00 : -0-05
FNMA 3.5
103-12 : -0-03
FNMA 4.0
106-05 : -0-01
2 YR
0.4930 : +0.0160
10 YR
2.3370 : +0.0290
30 YR
3.0690 : +0.0210
Pricing as of 10/31/14 5:00PMEST

Today's Reprice Alerts and Updates
A recap of Alerts and Updates provided to MBS Live subscribers.
1:52PM  :  Bonds Putting in Solid Performance, Especially MBS
11:10AM  :  ALERT ISSUED: MBS Pushing Weakest Levels; Negative Reprice Risk Increasing
9:59AM  :  Big, Long Explanation on Japan and Thoughts About What it Means

MBS Live Chat Highlights
A recap of featured comments from the Live Discussion on the MBS Live Dashboard.
Matt Hodges  :  "still 2 years with extenuating that you can never prove"
Matt Hodges  :  "June i think"
Hugh W. Page  :  "4 years"
Matt Hodges  :  "yes"
Caroline Roy  :  "did fannie mae recently change the waiting period after a shortsale or foreclosure? i just got a question from a customer"
Matthew Graham  :  "Our biggest issue with all of this, in my view, is that there's no good way to quantify or mitigate the qualitative shell-shock caused by the crisis. QE is money you throw at that problem hoping those who grab it will know how to improve"
Hugh W. Page  :  "Japan's situation is desperate and untenable. Debt is way past un-payable and their demographics are killing them. This is a massive train wreck waiting to happen."