Treasuries Weaker; MBS Holding Ground but Leveling Off To discuss today's bond market activity as something that moves higher or lower in price or volume is a bit of stretch. But with a big enough microscope, we can see Treasuries start drifting higher in yield into the PM hours. For the most part, MBS have not followed this move, but they have leveled off after a very slow, very steady somnambulation from 103-02 at 10am to 103-06 at 12:30pm. Fannie 4.0s are currently back to 103-03 and look to be holding there as Treasuries look to be shying away from a more convicted move higher in yield. There's no negative reprice risk associated with this move. We just wanted to let you know about the relative increase in activity. If anything, reprice risk remains in positive territory as MBS continue to hold ground and outperform.