As expected, we're seeing a lot of reports of thinly staffed trade desks in NY thanks to the snow storm.  Almost all of the volume in Treasury futures came in during the European session.  This was generally negative for bond markets and they've generally been rebounding since then.

This weakness had almost run its course by the time 8am rolled around.  MBS hit their lowest levels of the day just after 8:30am with Fannie 4.0s down about 6 ticks.  They're still down 1 on the day, but it's 3-4 ticks higher than the prices during the first round of rate sheets--providing ample insulation from negative reprice risk and perhaps even a chance for a positive reprice or two if the bounce back continues.

MBS Pricing Snapshot
Pricing shown below is delayed, please note the timestamp at the bottom. Real time pricing is available via MBS Live.
MBS
FNMA 3.0
94-28 : -0-01
FNMA 3.5
99-11 : -0-01
FNMA 4.0
102-31 : -0-01
Treasuries
2 YR
0.3925 : +0.0085
10 YR
3.0023 : +0.0173
30 YR
3.9450 : +0.0260
Pricing as of 1/3/14 11:34AMEST
Morning Reprice Alerts and Updates
A recap of Alerts and Updates provided to MBS Live subscribers.
9:37AM  :  Holding Ground at Slightly Weaker Levels
Live Chat Featured Comments
A recap of featured comments from the Live Discussion on the MBS Live Dashboard.
Hugh W. Page  :  "Lots of Fed Speak today to make things interesting http://mndne.ws/19S0duY"
Matthew Graham  :  "for what it's worth, it would be a major departure from the last 2.5 years of hyperfocus on fed-speak if the first three speakers moved markets. Reason being: Stein almost never talks about monetary policy and when he does, it's usually over everyone's head. Plosser is an uber-hawk and we already count him among QE 'nay' voters. Lacker has historically been mostly the same, but less extreme than Plosser. Bernanke is the headliner and perhaps only market mover (to whatever extent something can be a market mover at 2:30pm on a snowy Friday afternoon)."
John Jansen  :  "there was story/rumor making rounds that bernanke in his valedictory would address inflation targeting and that weighed on back end of treasury market"
Ross Miller  :  "In the last 2 days I have received Florida Capital and Provident both stating that broker loans will now only be able to price one way, lender paid comp with no variance for borrower paid. Have y'all seen this too?"
Jason Zimmer  :  "RM - not from anyone else. 5/3 will only let you drop .5% from your lender paid comp when you go borrower paid"