There are actually too many relevant considerations for bond market movement to attempt to put them all in one headline. Everyone can agree that today's main event was the announcement of a 90 day pause on tariffs and the ensuing mega reversal across multiple corners of the financial market. The stock reversal was the most insane, but MBS put up some numbers as well, with nearly a 1 point round trip from weaker to back to unchanged. Much like yesterday, the best way to bring yourself up to speed on the current esoteric underpinnings is to take 10 minutes with today's recap video.
Decent push back against overnight weakness since about 9:15am. MBS still down 3/8ths, but up almost half a point from lows. 10yr still up 6.8bps at 4.368, but down from overnight highs over 4.50%.
re-weakening to worst levels of the day. MBS down just over 3/4ths of a point and 10yr up 12.7bps to 4.428
Improving after stronger Treasury auction. MBS not so much, but 10yr down several bps to 4.391 (still up 9+ on the day).
MBS at best levels, now down only 6 ticks (.19) and 10yr up 9bps at 4.39
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