MBS continue to bounce along at the same prices that characterized the tight range seen during the last 2-3 hours of Tuesday’s session. Fannie 4.0s haven’t been lower than 102-23 or higher than 102-27.
10yr yields are a bit higher now compared to opening levels, up 1.5bps on the day to 2.998. The morning’s Jobless Claims data was a non-event. Even if it had been a more relevant piece of data, there just isn’t enough participation in bond markets to meaningfully, logically respond to economic events today.