Bonds and stocks are both sharply stronger today thanks to overnight headlines regarding Fed Chair Powell and fresh headlines on lower tariffs. Bonds are having more of a mixed reaction to this morning's updates and are also responding to a big surge in the price component of the S&P PMI data.
MBS are still up more than 3/8ths of a point, but down a quarter point from the AM highs. Some lenders priced early enough in the day to be in line with those highs. As such, those lenders could already justify a negative reprice.
