Overnight, the Nikkei rose and Treasuries found a bid on the back of a decent 10-Year JGBauction and weak stocks in Europe. In the U.S., we are opening flat/slightly down and MBS is underperforming hedge ratios by 3-4 tics. Mortgages put in a string of several strong days and are finally wider/lower for the first time since the middle of last week. With today being the last full trading day before NFP on Friday some profit taking/position squaring is to be expected. Tomorrow we will get a slew of economic data on a lightly staffed half day which could lead to some volatility and choppy trading.
At 11:00 AM EST there is a $1.25-1.75 billion USTbuyback in the 2/36-5/43 sector and at 5:45 PM the Fed's Powell speaks in New York.
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