Welcome to day 4 of our unofficial 9 day weekend with limited data and volatility ahead of an actual 3.5 day weekend.  Is data truly limited if we have Durable Goods?  Perhaps not entirely...  There was a small but noticeable reaction this morning to the stronger result (1.4 vs 1.1). 

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But because bonds were only slightly stronger overnight, the slip to modest weakness ends up making things look pretty flat in the bigger picture. 

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MBS continue outperforming Treasuries as the latter are being a bit more defensive during the auction cycle.