MBS Live Morning: Much Weaker Than Friday. Much Stronger Than Wednesday

Bonds are starting out the new week retaining a  majority of last Friday's mega rally.  The omicron-inspired gains were big enough that 10yr yields are almost 4bps higher than they were on Friday afternoon, but still roughly 12bps lower than they were on Wednesday.  The range-finding expedition should continue to be informed by the severity (or lack thereof) of the omicron threat.  Additional impacts from this week's big-ticket econ data are also possible.