MBS & US Treasury Markets
7/17 4:13:00PM EST : Delayed Data

Just because an economic calendar is full doesn't mean it's of any major importance to the bond market.  Today fits the bill with the two economic headliners being Housing Starts and Industrial Production.  Both have already come and gone without any reaction.  The market has been more interested in trading a single comment from Fed's Waller, who said the time to cut rates is getting closer based on the most likely policy scenario.  Yes, that's a bit cryptic, but he basically described 3 bowls of porridge and then said the warm one was the most likely.  Bonds rallied for a moment and then went back to the prevailing trend from the overnight session.

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09:15 AM

Sideways to slightly weaker overnight with no major movement so far.  MBS down 6 ticks (.19) and 10yr up 2.3bps at 4.182.

12:55 PM

Gradually moving to best levels of the day with 10yr now unchanged and MBS nearly unchanged.

03:07 PM

Slightly deeper into today's lowest yields with 10yr down 1.2bps at 4.147.  MBS up 1 tick (.03).