Fairly Flat At Strongest Levels in Weeks
10yr yields ended the day a mere 0.1bp higher than yesterday (4.029 vs 4.028), which can be considered "unchanged".
This result means holding at the best levels since Sep 17. MBS managed to add 2bps to yesterday's close, and are also at 4 week highs.
Volume was much lower than yesterday, but still elevated compared to most of last week, despite the narrow range and light volatility.
As for the modest mid-day bump in Treasury yields, there were no obvious triggers, with
arcane speculation surrounding liquidity conditions and funding market stressand enigmatic volatility on tax deadline and adjacent days being possible explanations.
Author's summary: Yields remain at strongest levels in weeks.