MBS are now down only 1 tick (.03) and 10yr yields are close to unchanged at 4.296 after being over 4.315 just before the data.
10yr yields are back up to 4.312 (up 1.8bps on the day) and MBS are down 3 ticks (.09) on the day.
Weakest levels after PMI data. MBS down an eighth and 10yr up 3.3bps at 4.328
MBS down 5 ticks (.16) on the day 10yr yields up 4.5bps on the day at 4.35. Fed's Hammack comments are the driver of the most recent weakness
MBS are now down 5 ticks (.16) on the day and nearly an eighth of a point from some early lenders' rate sheet print times. 10yr yields are also up to new highs, up 4.5bps on the day at 4.35.
Fed comments are visibly adding to weakness as well as lower rate cut odds via Fed Funds Futures.
HAMMACK: NOT GOING TO SEE FULL TARIFF EFFECT UNTIL NEXT YEAR
HAMMACK: BIGGEST CONCERN IS INFLATION TOO HIGH, TRENDING UP
HAMMACK: WITH DATA NOW, WOULDN'T SEE CASE FOR SEPTEMBER CUT
This would be the earliest threshold for negative reprice risk among the jumpiest few lenders. It would likely take a bit more weakness for the average lender to consider repricing.