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Stronger overnight and no major reaction to ADP data. MBS up an eighth of a point and 10yr down 3.6bps at 4.127
Losing ground as stocks rally. 10yr up 1.7bps at 4.179 and MBS unchanged.
More weakness. MBS down an eighth of a point now and 10yr up 4.8 bps at 4.21
10yr yields are up 6.7bps at 4.23 and MBS are down 6 ticks (.19) on the day and more than a quarter point from rate sheet print times.
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In case you were confused about the "reciprocal" comments earlier in Trump's speech, and thought that meant "tit for tat" in direct proportion, Trump just clarified that the math is actually "1/2 tit for 1 tat." In other words, reciprocal tariffs are half the percentage of foreign tariffs.
Rather than try to make sense of this, let's just focus on what the market is doing: rallying back into positive territory.
MBS are back up to unchanged and 10yr yields are down 2.3bps at 4.14.