Bonds had already leveled off after a fairly tame initial CPI rally, but they've quickly erased all of the AM gains after the 9:30am NYSE open. There is no new headline or event driving the weakness, and it's not uncommon for various opens/closes to see a glut of volume and momentum for both stocks and bonds.
10yr yields are now unchanged on the day at 4.434. MBS are also unchanged now. This is just over an eighth of a point below the AM highs. Few lenders will have released rates that early in the day, so reprice implications are limited at best.
