Straightforward Session as Traders Wait For More

Monday ended up being rather uneventful for the bond despite its role as the lead-off hitter for an all-star line-up.  There were no significant economic reports on tap, but the 3yr Treasury auction managed to come in weak enough to prompt a bit of additional selling.  Losses were short-lived and trading levels returned to pre-auction levels about 90 minutes later.  That left a sideways-to-modestly-weaker tone intact for the day as traders wait for ultra-high consequence data and events on Wednesday.

Market Movement Recap
09:58 AM

modestly weaker overnight and little-changed since then.  MBS down 3 ticks (.09) and 10yr up 1.5bps at 4.476

01:40 PM

a bit weaker after 3yr Treasury auction.  10yr up 2.8bps in total on the day at 4.489. MBS are down an eighth of a point in 6.0 coupons

03:20 PM

Recovering some of the post-auction weakness now.  MBS down 3 ticks (.09) and 10yr up 1.9bps at 4.48