Bonds have been selling off slowly and steadily this morning, but the past few minutes have seen a modest acceleration. 10yr yields are up 5bps at the highs of the day (4.405). MBS are down 3/8ths on the day with just over an eighth of a point of that drop happening after the AM highs. Because those highs correspond with many lenders' rate sheet print times, this introduces some negative reprice risk.
