Volume in the overnight session was some of the lowest of the year. Trading was uninspired by any meaningful headline or event. Year-end is officially upon us and if anything else that matters is to happen, it will have to be a massive economic data surprise this morning or unexpected (and similarly massive) European headline. Even then, the year feels "over" in many regards, chief among them being participation. 

We'd hate to say "move along, nothing to see here," especially since that runs counter to our mission, but that's the most appropriate phrase between now and whenever volume picks back up in January (again, barring the massive surprises). 

10yr yields are just under 2 bps lower at 1.951 and MBS are starting the day about 1 tick better at 102-09. The first hail Mary passes will be thrown by economic data this morning, and come in the form of Corporate Profits, GDP, and Jobless Claims. Consumer Sentiment, Leading indicators and FHFA Home Prices hit later in the morning. Here's the breakdown: