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Mostly flat overnight and not much movement so far. MBS down 1 tick (.03) and 10yr up 0.8bps at 4.04
Modest recover after AM weakness. MBS down 1 tick (.03) again after being down 3 ticks (.09) at 10am. 10yr down 0.3bps at 4.030
Losing ground modestly into PM. MBS down 2 ticks (.06) and 10yr up half a bp at 4.038
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Volume and volatility is lower this morning compared to yesterday, but the same theme of risk aversion looks to be in play, probably. Why "probably?" Because the theme in question (risk aversion, or what we sometimes refer to as the "stock lever") oftentimes makes it hard to distinguish between correlation and causality. All we know so far today is that both stocks and bond yields are sightly higher from yesterday's lows and have been generally sideways so far today. The econ calendar remains light in terms of importance, despite plenty of line items.