Weaker overnight, but back near unchanged after JOLTS data. MBS up 1 tick (.03) and 10yr down .4bps at 4.555
best levels of the day. MBS up an eighth and 10yr down almost 4bps at 4.521
some more gains with mbs up 6 ticks (.19) and 10yr down 4.4bps at 4.516
Bonds initially drifted into slightly weaker territory in the overnight session, but began bouncing back just after 9am ET. All this in spite of a quick spike in oil prices on an announcement from Trump regarding "maximum pressure" on Iran (intended to counter Iran's nuclear proliferation and "drive oil exports to zero"). Bonds continued improving after the mixed JOLTS data. Job openings aren't quite as low as they were at the cycle lows in August, but the drop was more than enough to offset the uptick in "quits." Both numbers correlate with rate movement (i.e. lower=lower and vice versa).