(Update: we issued an alert at 12:07pm as prices quickly slid to their lows).

Much like yesterday, bond markets were weaker overnight with Treasury yields rising to levels near 2.86 in the very early morning hours and subsequently pushing back as the domestic session progresses.  None of the moves are significant except inasmuch as they serve to maintain the recent range.

In terms of Fannie 4.0 MBS, that's been between the high 103's and low 104's since just after Thursday morning's economic data.  10yr yields have held between 2.82 and 2.86 over the same time. 

There are no overt market movers in play, with markets instead paying mind to tradeflow considerations (biggest and most recent trades influencing subsequent trades) as well as probable hedging activities related to corporate bond markets (discussed recently in greater detail HERE).