MBS Live Day Ahead: Without Any Surprises, It's Just Another Weekend Trading Day

For the US bond market, the day after Thanksgiving is frequently a reflection of the EU bond market. Strength in EU bonds translated to 10yr yields improving by 2bps (.862%).  To be more precise, EU markets and US futures markets were still open yesterday.  Stocks and bond yields (both at home and in the EU) moved moderately lower. 

As of this morning, EU bond markets were mostly holding yesterday's gains despite a full recovery in equities futures (S&P).  US bonds are siding with EU bonds as opposed to the "risk-on" vibes suggested by the stock market bounce.  MBS are up 2 ticks (0.06) in early trading. Nothing notable to report so far.

There are no scheduled events of note on the calendar.  Absent a significant and unexpected headline, today is effectively an early start to the weekend.  The only small caveat is that it is the 2nd to last trading day of the month.  Thus, some early month-end trading could cause some more noticeable movement the closer we get to the 2pm ET early close.