MBS OPEN: Slow Day. Treasuries At Lows. MBS Unchanged

5.0's are at 100-21.

Current coupons are bid a bit better than "off the runs" (jan and feb deliveries).

New scheduled data today, plus the fact that the JV teams are calling the shots mean extra potential for volatility today, but a near certainty of "ZZZzzz... ZZZzzz..."

Lenders likely won't price in many gains today unless the volume stays steady (and doesn't drop off.

Stay tuned.  We'll let you know if we're seeing any abrupt changes.