MBS are hanging tough while stock markets continue to test new lows. TSYs are bouncing around a few bps while equities tip toe a fine line of risk and reward. Originators were sellers this morning...the Fed continues to provide support on the short side of the stack. Based on how rates were published this morning you are due a reprice for the better if you have not already received.

Be mindful of the stock lever for the rest of the day...MBS is stable but is also subject to the gyrations of the flight to safety bid. Equity traders faced with the decision of buy or sell will favor protection in the face of the general economic and financial pessimism. This will push equity traders into more bearish positions ahead of the headline news....risk takers will be looking to take advantage of the upside though.