MBS & US Treasury Markets
11/22 5:59:00PM EST : Delayed Data

The bond market has been forced to take the victories that are within reach.  As November winds down, the best victory we could have hoped for was the absence of any additional defeat.  This has been a perfectly successful week in that regard.  Yields fell on Monday and haven't closed any higher since then.  Today's economic data doesn't look too eager to change that sideways streak.  At this point, the previously prevailing uptrend in yields has seen enough of a breakout to view the market in a more sideways light.  This doesn't preclude a resurgence of selling, but it does likely mean that such a resurgence would need to have justification in the data.

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11:29 AM

stronger overnight and steadily weaker during domestic hours.  MBS unchanged and 10yr down 1.1bps at 4.409

01:39 PM

Little changed from last update.  MBS up 2 ticks (.06) and 10yr down 0.9bps at 4.412

03:58 PM

Super sideways, all day, but a bit stronger for MBS, now up an eighth of a point.  10yr down half a bp at 4.417.