Wednesday ended up being almost exclusively about the Job Openings data in the morning. Bonds were fairly flat before that and rallied sharply afterward. Once the initial reaction ran its course (in mere minutes), the rest of the day was an uneventful drift in a rate-friendly direction. Yields hit the 3pm close several bps under the 3.80% technical level in 10s, which makes this a bit of a "lead-off" to whatever extent you were planning on the 3.8-4.0 range remaining intact until Friday's jobs report. In other news, the yield curve uninverted at times--a fact that means nothing about the future even though you'll certainly see claims to the contrary.
modestly stronger overnight with additional gains after JOLTS data. MBS up 6 ticks and 10yr down 4.7bps at 3.785
12:44 PM
Sideways near best levels. MBS up 6 ticks (.19). 10yr down 5 bps at 3.782
03:17 PM
Best levels of the day with MBS up a quarter point and 10yr down 7bps at 3.763
Lock / Float Considerations
Potential volatility exists on every trading day between now and the jobs report on Friday 9/6. Given that these levels have been well established, there's no directional implication from short term technicals.