Bonds were only open for half the day due to the national day of mourning for Jimmy Carter. Overnight markets made for a slightly stronger start and those gains slowly eroded throughout the day. MBS closed at perfectly unchanged levels and 10yr yields were a hair lower as Treasuries continue "healing" after this week's auction cycle. Friday morning brings the jobs report, which is just as much of a potential volatility flash point as it always is.
Stronger overnight, with some slight backtracking. MBS up 3 ticks (.09) and 10yr down 3.3bps at 4.669
12:24 PM
weakest levels. MBS still up 2 ticks (.06) and 10yr still down 2.5bps at 4.676
Lock / Float Considerations
Rates continue muddling along at or near longer-term highs following the December 18th Fed announcement. There haven't been any glorious recoveries since then. If we hope to see one, it would depend on big ticket econ data like the jobs report or CPI (Jan 10th and 15th respectively).
