• ISM Services PMI
    • 51.5 vs 51.1 f'cast, 51.4 prev
  • ISM Prices
    • 57.3 vs 56.0 f'cast, 57.0 prev

Bonds were coasting along with AM gains intact heading into the ISM data.  After the release, 10yr yields are up to 3.744 from lows of 3.720--a pretty minimal bump, but one that comes in obvious and immediate response to the data.

MBS are down 2 ticks (.06) from the highs, but still 3 ticks (.09) higher on the day.

This is not a negative reprice situation yet.  That could change if MBS lose another 2 ticks (.06).