As expected, this morning's ADP data marked the unofficial inception of 2014, bringing by-far the biggest dose of volume and movement this year.  Today's volume has already eclipsed yesterday's, even before the upcoming 10yr Treasury Auction and FOMC Minutes.  In other words, today's level of activity has been in a completely different league so far.

Unfortunately, the "big move" has amounted to weakness for bond markets.  10yr yields are bouncing along the ceiling around 3.0%, more than 5bps higher than yesterday.  Fannie 4.0s are down 9 ticks at 103-07.  All the losses were seen in the first 6 minutes following ADP and ranges have been fairly narrow since then.

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
95-02 : -0-13
FNMA 3.5
99-17 : -0-12
FNMA 4.0
103-07 : -0-08
Treasuries
2 YR
0.4130 : +0.0200
10 YR
2.9950 : +0.0580
30 YR
3.9194 : +0.0374
Pricing as of 1/8/14 12:25PMEST
Morning Reprice Alerts and Updates
A recap of Alerts and Updates provided to MBS Live subscribers.
10:33AM  :  Official News of G-Fee Hike Delay from FHFA
8:23AM  :  ADP Employment Stronger Than Expected, Bond Markets Weaker
Live Chat Featured Comments
A recap of featured comments from the Live Discussion on the MBS Live Dashboard.
Matthew Graham  :  "RTRS- ADP NATIONAL EMPLOYMENT REPORT SHOWS U.S. EMPLOYMENT INCREASED BY 238,000 PRIVATE SECTOR JOBS IN DECEMBER ."
Matthew Graham  :  "RTRS- REUTERS CONSENSUS FORECAST FOR ADP PAYROLL CHANGE FOR DEC WAS FOR INCREASE OF 200,000 JOBS "
Matthew Graham  :  "RTRS- REUTERS CONSENSUS FORECAST FOR ADP PAYROLL CHANGE FOR DEC WAS FOR INCREASE OF 200,000 JOBS "
Matt Hodges  :  "i'm glad when i laid out the pitfalls/benefits of floating through ADP, two of my clients elected to lock"
Matthew Graham  :  "RTRS- MOODY’S ANALYTICS ECONOMIST ZANDI SAYS BASED ON ADP REPORT HE ESTIMATES DEC U.S. NON-FARM PAYROLLS WILL RISE 230,000 "
Matthew Graham  :  "Today's losses so far are a small price to pay for the wake-up call that some of the recently optimistic technical views really don't mean anything compared to the more potent econ data. Can't help but conclude that a similar beat in NFP would push 10's over 3.0."
Hugh W. Page  :  "I think we'll probably bounce in a tight range just as MG says barring any tapebomb and NFP will rule the momentum. I have a bad feeling about this NFP (no statistical support for that view though)."
Christopher Stevens  :  "I love how QM starts Friday and investors are still releasing updated guides."
dacosta  :  "BFW 01/08 15:00 *FHFA DIRECTS FANNIE AND FREDDIE TO DELAY GUARANTEE FEE CHANGES"
Matthew Graham  :  "RTRS - U.S. HOUSING REGULATOR TO DELAY A SERIES OF FANNIE MAE, FREDDIE MAC LOAN-FEE HIKES "
Matthew Graham  :  "RTRS- REGULATOR SAYS IT WILL STUDY FEE-HIKE PROPOSAL AND PROVIDE "NOT LESS THAN 120 DAYS’ NOTICE" AFTER COMPLETING THE EVALUATION BEFORE IMPLEMENTING ANY CHANGES "