Weaker overnight then sharply stronger just after 7am on "war might end" headlines. MBS up 6 ticks (.19) and 10yr down 1.8bps at 4.366 after being as high as 4.442 just before 7am.
Additional gains on additional Iran negotiation headlines. MBS up nearly 3/8ths and 10yr down 3.8bps at 4.345
Well off highs. MBS up 5 ticks (.16) on the day and 10yr down only 1.8bps at 4.365
As Iran pushes back on news regarding talks with the US, bonds are quickly correcting.
MBS are still up 5 ticks (.16) on the day but down almost 3/8ths from the highs.
Lenders who aggressively repriced for the better in response to the earlier gains could now be considering negative reprices.