The 10-year yield was trading in a range of less than 3 basis points during the domestic session today. From 10.30 a.m. this range narrowed to just 1 bp. We haven’t had a day like this for a long time – at least 3 weeks. When things are flat and boring, there’s not much to say that hasn’t already been said this morning.

  • Fed MBS purchases 10 a.m., 11:30 a.m., 1 p.m.

  • Unemployment claims 348k vs 363k f’cast, 377k prev

  • Philly Fed Index 19.4 vs 23.0 f’cast, 21.9 prev

09:33 am

Stronger in Europe after opening in Asia. Domestic hours have gone to sellers. Data had no influence. In-game technical resistance at 1.22+ in 10 years. Currently up to 1.252% but still 1 basis point lower on the day. MBS are effectively unchanged at 101.34 (101-1).

1:07 pm

Government bonds stabilized after 10 a.m. and MBS were slowly recovering. Everything happened in a wider, narrow, lateral area. Very calm, zoned session. MBS increased by an eighth point. 10-year yield down 2 basis points to 1.24%

3:23 pm

MBS is bouncing back a bit from the best levels, but 2.0 coupons are still 0.06 higher (+2 ticks) on the day at 101.41 (101-13). The 10-year yield is up 1.3 basis points to 1.247%. Didn’t read too much in the last 30 minutes.