On an intraday basis, trading levels in Treasuries and MBS hit their weakest levels of the year today.  The biggest moves of the day happened  at 8:20am, 9:30am, and heading into 11am.  Respectively, that's the CME Treasury open, NYSE open, and European bond close.  This leads us to the conclusion that traders are trading "tradeflows" and liquidity. 

In other words, everyone has somewhere they want to go in terms of their trading positions.  They don't care as much about the news headlines or economic data.  They're like salmon swimming upstream, waiting for those good opportunities to swim up the more technical stretches of water.  If the water level is too low, they can either wait or struggle.

But the aforementioned times of day are like scheduled rain showers.  And much like a spring rain shower provides salmon a precious few extra inches of swimming room, so too do these temporal hubs of market liquidity serve as cues for traders to make their move upstream.

As far as the instinctive drive to "go upstream."  That's been covered.


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
99-05 : -0-14
FNMA 3.5
102-24 : -0-13
FNMA 4.0
105-25 : -0-07
Treasuries
2 YR
0.7210 : +0.0360
10 YR
2.4420 : +0.0600
30 YR
3.1730 : +0.0590
Pricing as of 6/9/15 5:30PMEST

Today's Reprice Alerts and Updates
A recap of Alerts and Updates provided to MBS Live subscribers.
4:43PM  :  ALERT ISSUED: And for Good Measure, We're Back to the Worst Reprice Risk of The Day
3:51PM  :  ALERT ISSUED: After Hours Treasury Leakage Reintroduces Reprice Risk
9:57AM  :  ALERT ISSUED: Negative Reprice Risk Increasingly Likely
9:44AM  :  ALERT ISSUED: Negative Reprice Risk Already a Consideration
9:41AM  :  Greece May be Solved and All We Get is This Tepid Weakness?

MBS Live Chat Highlights
A recap of featured comments from the Live Discussion on the MBS Live Dashboard.
Matthew Graham  :  "Once you're excited about the chance of breaking below 2.40, that's when the bond market has you right where it wants you."