In many ways, today still has the feel of the holiday-shortened Thanksgiving week.  Markets have been slow to move and generally not interested in reacting to economic data.  Case in point, we saw a majority of today's movement occur before the only significant data.  Fortunately, that movement was bond-friendly.

The overnight session began with Treasuries trading into weaker territory during Asian hours.  The start of the European trading hours brought one additional bump toward higher yields, though all of movement took place inside a very narrow range.  Treasuries began recovering shortly after 3:30am, but were still in negative territory at the start of the domestic session.  As such, it's no surprise that MBS began their day weaker as well.

In fact, there's really nothing much to be surprised about on a day where movement remains this limited.  True, it's "nice" to see that the early morning resilience has carried longer-term Treasuries and MBS back into positive territory, but in the bigger picture, rates are very much continuing to consolidate.