It's been a slow day in terms of market-specific news as most major media outlets continue to focus on Paris.  The only relevant market impact was the initial flight-to-safety (sell stocks, buy bonds), but that was mostly limited to the overnight session.  In fact, neither stocks nor bond yields have gone any lower than initial overnight levels.  Oil prices have been the only exception, having seen most of their volatility during domestic hours.  Even then, current levels are not telling much of a story.

Away from the dominant news, bond markets have a few specific considerations that have helped to shape trade today.  The morning's economic data--The Empire State Manufacturing Survey--isn't normally too big of a market mover.  But it came in weak enough today (-10.74 vs -6.20 forecast) to help the morning rally extend just slightly.  Pushing back in the other direction is the moderately big day of corporate bond issuance (bad for rates) as well as the general move back toward "risk" in stocks and other assets.  All told, bonds are very close to unchanged levels on the day.

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
100-01 : +0-03
FNMA 3.5
103-08 : +0-02
FNMA 4.0
105-29 : +0-02
Treasuries
2 YR
0.8430 : -0.0080
10 YR
2.2640 : -0.0106
30 YR
3.0680 : +0.0112
Pricing as of 11/16/15 1:28PMEST
Morning Reprice Alerts and Updates
A recap of Alerts and Updates provided to MBS Live subscribers.
10:38AM  :  Giving Back Overnight Gains as Markets Move Back Toward "Risk"
Live Chat Featured Comments
A recap of featured comments from the Live Discussion on the MBS Live Dashboard.
Hugh W. Page  :  "Boy CS that could start an epic OT thread if you're not careful. Some would argue that banks brought this on themselves and none other than Thomas Jefferson warned us about that :)"
Christopher Stevens  :  "Great point from the most recent Garrett, McAuley Report- All of us have been frustrated trying to understand voluminous laws, rules, and regulations, and I just ran across something the remarkable James Madison and Alexander Hamilton wrote in Federalist Paper 62, distributed in 1788 at the Constitutional Convention: "It will be of little avail to the people that the laws are made by men of their own choice if the laws be so voluminous that they cannot be read, or so incoherent that they cannot be understood." He continues on how bad it will be, "... if they be revised or undergo such incessant changes that no man who knows what the law is today can guess what it will be tomorrow." It's as if these Founding Fathers foresaw laws like Dodd-Frank 225 years ago. The Act is over 2,300 pages and mandates over 400 regulations and 200 studies, not something Madison or Hamilton would have approved of."
Hugh W. Page  :  "Throw in more ECB QE keeping their rates lower longer and that makes US TSY's even more attractive. One thing I think we can be sure of is continued volatility. And remember, even if the Fed hikes we still have a very loose monetary policy. Range bound is where we'll stay and I think I'll play it safe and say the range will be 2.00 to 2.50 :)"
John Tassios  :  "Over 40% of sovereign developed countries bonds are neg yields. Also, a vast majority of longer ended foreign bonds lower yields than TSY's esp in Europe and Japan. With stronger USD appreciation & higher TSY yields ( lower price ), foreign demand will increase quite a bit going into year end that will more than offset FED rate raise effects. The yield curve will flatten quite a bit. Just my 2 cents."
John Tassios  :  "I would tend to think the rang will be even lower bound than those analysts are stating. I am thinking 2.10 - 2.32 range. Quarter end buying, Year end buying, and increased foreign demand will keep bids in 10 and 30 year TSY's in spite of possible rate hike this year."
Christopher Stevens  :  "From today's WSJ "Yet, few analysts and traders expect rates to keep rising for long. Many investors say the yield on the 10-year note is likely to trade between 2.25% and 2.5% for the remainder of this year, reflecting uneven economic growth, soft inflation and strong demand for high-quality debt that has consistently foiled expectations for rising rates since the financial crisis.""