• Industrial Production
  • 0.4 vs 0.4 f'cast
  • Last month revised up to 0.4 from 0.1

Industrial production isn't one of the reports typically considered to be reliable market movers.  We can't really confirm that it's responsible for this most recent leg of selling but volume and weakness picked up a few minutes later (true reactions to data usually coincide perfectly with the release).

Either way, bonds are down another several ticks in MBS for a total of 9 ticks (.28) on the day.  10yr yields are already up 7.2bps at 4.675.

Few lenders were out with rates before the most recent selling, so negative reprice risk is minimal, but today's initial rate sheets will certainly be worse than yesterday's.