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Modestly weaker overnight, but moving into positive territory now. MBS up 1 tick (.03) and 10yr down 0.4bps at 4.142
Gains continue. MBS up 3 ticks (.09) and 10yr down 2.7bps at 4.121
Temporary gains after strong 3yr auction, but back to pre-auction levels now. MBS up 2 ticks (.06) and 10yr down 2.3bps at 4.125
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10yr yields drifted up toward the 4.20% technical level overnight but buyers showed up at the 8:20am CME open. The initial recovery looks more technical in nature. The subsequent buying brought bonds into positive territory and likely had more to do with the day's only real econ data: the NY Fed Survey of Consumer Expectations. The data showed an uptick in unemployment expectations as well as a softening in other labor market metrics. This isn't normally a market mover, but sensitivity is somewhat higher due to the absence of last week's jobs report.