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MBS up 2 ticks (.06) and 10yr down less than 1bp at 5.231
Heavy selling between 9:30am and 10am. Bouncing modestly after 10am data. MBS down over an eighth and 10yr up 1.1bps at 5.25
MBS down a quarter point, but well off the weakest levels after Williams' comments implying no urgent need for additional rate hikes. 10yr still up 2.6bps at 4.267
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Just a head up for those curious about the mid-day recovery, this is the wire that marked the turning point:
FED'S WILLIAMS - SEES NO NEED FOR URGENCY AFTER SEPTEMBER RATE HIKE
As a reminder, Williams carries more weight than most Fed speakers. This is also a more unique comment relative to other Fed speakers recently. Markets agreed--especially Fed Funds Futures and the short end of the yield curve.
MBS are still weaker on the day, but by less than an eighth now (up roughly 3/8ths from lowest levels).
10yr up only 1.8bps at 5.257