Bonds set to open fairly flat after initial overnight gains and a modest pull-back. 10yr down half a bp at 4.611
No major reaction to ISM data, but some weakness in advance. MBS down an eighth and 10yr up 1.3bps at 4.628
MBS down 2 ticks (.06) and 10yr up 3.7 bps 4.267
Off weakest levels and holding sideways. MBS roughly unchanged and 10yr up half a bp at 4.619
U.S. REMOVES IRAN-RELATED SANCTIONS -TREASURY WEBSITE
We have not been able to independently confirm that the the sanctions news exists on Treasury's website, but the newswire exists and markets are reacting.
MBS are back to within 1 tick (.03) of unchanged and 10yr yields are within a fraction of a bp at 4.616.
This alleviates any reprice risk that had been building into the 10am hour.