Comic Misdirection Between Headlines and Markets

Geopolitical issues remain at the forefront as far as financial markets are concerned, but only due to the absence of anything new or interesting on the inflation/Fed front.  Twitter (something that markets actually pay attention to) was ablaze with various headlines of varying importance and timing.  Network news avoided wading into that pool at first.  As soon as it did, markets reacted, and then promptly bounced back as it was revealed the pool was contaminated.  Bonds experienced all of the above as a morning sell-off, early PM rally, and late day correction back toward mostly weaker levels.

Econ Data / Events
Market Movement Recap
09:06 AM

Stronger overnight after the EU open, but then weaker after Lavrov comments just before domestic session start.  10yr up 5.6bps at 1.974.  UMBS 3.0 down 5 ticks (.16) at 100-05 (100.16).

11:34 AM

Additional weakness as the morning progresses.  It's been very linear since Lavrov's comments.  10yr now up 10bps at 2.017% and 3.0 UMBS down almost half a point at 100-00.

03:08 PM

Risk-off rally following Ukraine-related headlines, then a bounce as those headlines were put into context.  Some lenders still repricing for the better, but MBS are halfway back to the lows of the day (currently down 3/8ths).  10yr is back up to 2.0% after making it down to 1.96%