If you don't live in the Northeast and if you don't read/watch the news, there was a big snow storm.  In New York City, for instance, it was the 2nd biggest 24hr snowfall total of all time.  Although markets were technically open, more than a few market participants didn't make it into the office today.  That put the tone of trading quickly into "holiday mode" with decreased volumes and a general lack of conviction.  

Case in point, volumes were easily the lowest they've been all year--looking much closer to December 30th than any day so far in 2016.  Bonds ended up making gains in the same trend channel that was starting to establish itself on Friday afternoon.  They got a boost along the way from a reversal in oil price gains overnight.  After the initial jolt around 3am, stocks, oil, and bond yields just drifted sideways to slightly lower for the rest of the session. 

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 3.5
104-08 : +0-01
Treasuries
10 YR
2.0060 : -0.0420
Pricing as of 1/25/16 5:40PMEST
Today's Reprice Alerts and Updates
A recap of Alerts and Updates provided to MBS Live subscribers.
9:22AM  :  ALERT ISSUED: Sharp Reversal in Crude Greases Skids for Overnight Bond Rally
MBS Live Chat Highlights
A recap of featured comments from the Live Discussion on the MBS Live Dashboard.
Hugh W. Page  :  "ECB will never sell those bonds....."
John Tassios  :  "the costs will be the ECB losses later on on their bond portfolio from huge amounts of the securities they are buying at such expensive levels with some of them below 0 yields.."
Edgar Young  :  "doesn't really give me the warm and fuzzies"
Matthew Graham  :  "that's not the greatest rationale for a central bank, in my opinion. It almost seems to indicate "victory at any cost," where said costs could be higher than the victory truly justifies."
Matthew Graham  :  "RTRS- ECB'S DRAGHI SAYS MEETING OUR OBJECTIVE IS ABOUT CREDIBILITY"
Matthew Graham  :  "RTRS - ECB'S DRAGHI SAYS THAT ENTAILS CONCERTED ACTION ON FISCAL POLICIES, STRUCTURAL REFORMS AND REDUCING THE DEBT OVERHANG."
Matthew Graham  :  "RTRS - ECB'S DRAGHI SAYS THE ECB IS CONTRIBUTING TO SECURING THE CYCLICAL RECOVERY BY FULFILLING OUR PRICE STABILITY MANDATE"
Christina Ewing  :  "Freddie has a rule where you can purchase a home for a family member (son, elder parent unable to qualify) as OO even if the person will not be living in the property. Most people don't know about his."
philip zajicek  :  "Good morning everyone. Any non occupant co borrower jumbo products out there that you know of?"