After running into some overhead resistance, MBS have rapidly hit new lows making reprices for the worse likely.   From highs around 101-26, FN 4.0's are off 8 ticks at 101-18.  Treasuries, meanwhile, after 3 clear attempts at 2.75 have bounced each time and are finally heading up apparently to test their intraday pivot just under 2.8. 

No major swings here, and all well withing the framework of our many discussions on intraday pivot points.  If it turns into something with long term implications we'll update you, but for now, the short term implications are potential reprices for the worse.

Here's a look at 4.0 fannies.

And 10yr treasuries.