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Weaker overnight on reports of ongoing hostilities in Iran. MBS down over an eighth of a point and 10yr up 2.3bps at 4.507
Back near unchanged after data-driven rally. MBS down 1 tick (.03) and 10yr down half a bp at 4.479
quick rally on "deal" reports and a bit of pull back on "yeah but" reports. MBS up 2 ticks (.06) and 10yr down 2.4bps at 4.46
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Axios reporting a rehashed version of yesterday's "memo" news, which was a rehash of Monday's memo news, etc etc.
But it sounds like a more forceful announcement of a completed deal. The catch is that it's very clear about saying it still needs Trump's approval, but the market is happy to take a lead-off.
10yr now down 2.8bps at 4.457 and MBS up a quick 6 ticks (.19). Don't be surprised to see "yeah but" headlines in the coming hours and additional volatility.