Little Changed After Early Rally and Steady Selling

Monday ended up being a relative non-event for the bond market. Trading was almost perfectly flat overnight. Big trades moved the whole pile right at the open and then again about 2 hours later.  This effectively set the range for the rest of the day through the 3pm CME close.  Tariff headlines had zero impact on bonds overnight, despite a token, fleeting impact on forex.  

Market Movement Recap

10:17 AM Flat overnight and slightly stronger now.  MBS up 3 ticks (.09) and 10yr down 2.6bps at 4.466

12:59 PM 10yr down 0.2bps at 4.49, and MBS now back to unchanged. 

03:15 PM Treading water at weakest levels.  MBS unchanged and 10yr up half a bp at 4.497