While none of the weakness is driven by economic data, bonds have been selling off gradually and steadily so far in the AM hours. After coming into the day 1 tick (0.03) stronger, MBS are now down 6 ticks (.19) on the day. Some of the earliest-pricing lenders are already seeing an eighth of a point of weakness from morning rate sheet print times.
10yr yields are up 4bps at 4.316.