MBS AFTERNOON: Coasting To Uneventful Conclusion

• MBS 4.5's unchanged at 100-28
• 10yr Tsy at 3.703
• Stocks Rallying BIG into their close with S&P at 1150, same as last week's ceiling

Seems like the S&P rallying from 1143 to 1150 should be more important than it's actually turning out to be for bonds.  Without looking at the stock market itself, you'd scarcely be able to infer that rally from any weakness in bonds.  Indeed, treasuries and MBS yields have moved about as much as a fully depressed Toyota gas pedal.

The focus remains on FOMC tomorrow.  This is probably part of the reason stocks can get away with a late day rally without affecting bonds too much, not to mention there's limited volume behind it.