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modestly weaker after spending bill passage, but back to unchanged in MBS now. 10yr down 1.3bps at 4.588
Nice rebound, perhaps on news that spending bill could take all summer. MBS up 6 ticks (.19) and 10yr down 6bps at 4.542
Heading out near best levels with 10yr down 6.3bps at 4.538 and MBS up nearly a quarter point.
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The most significant development of the overnight session was the early morning passage of the spending bill in the House. This resulted in only a modest extension of losses in stocks/bonds, mostly because stocks/bonds (mostly bonds) have been pricing this in throughout the week. Yields actually managed to recover into positive territory before the 9:45am ET econ data, and haven't changed much since then. All in all, an exceptionally underwhelming level of volatility given the news and the fact that this is our only real morning of econ data this week.