MBS are quickly back down to the lowest levels of the day after the White House clarified the timeline for Mexico and Canada tariff implementation.  An earlier news story cited sources as saying the implementation would be delayed until March 1st.  The White House now says that report is wrong and tariffs go into effect tomorrow.  

Bonds are reacting negatively, but not in an extreme way.  MBS are at the lows of the day and down an eighth from the most recent highs.  10yr yields are up 1.8bps at 4.534 after being just under 4.51 before the news.

Some of the jumpiest lenders could conceivably be spooked by the pace of the selling, but the outright levels don't connote much--if any--negative reprice risk.