• If you had a nickel for every time you'll hear "fresh supply concerns" today...
• Tsy borrowing needs $115bln vs expected $111 plus all manner of stock boon combined to kill fixed income yesterday
• Still about mid-range between annual highs and lows
• MBS opening a tick or two down, but still at least 5 ticks off yesterday's lows.
• 4.5 at 99-14
• illiquid, low volume, volatile summertime Friday session to come, can we get bounce?
• Waiting on only data of the AM, consumer sentiment at 955am

MBS, Tsy, and LIBOR Prices...