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Limited Reprice Risk. Bonds Losing Ground as Powell Speech Begins

2.5 UMBS are down an eighth of a point from the day's previous highs and 2.0 UMBS are down nearly a quarter of a point as Powell's press conference begins.  Bonds have been trending weaker for most of the past half hour.  This isn't a huge, decisive move at this point.  Tough call on treating this as a lock trigger if you were planning on locking today.  Unless floating with a jumpy lender, we haven't seen quite enough weakness yet.  That said, reprices can't be ruled out for a few lenders. 

Treasuries are doing worse, with 10yr yields now up more than 2bps at .638.

MBS / Treasury Market Data

UMBS 5.5
98.72
+0.25
UMBS 6.0
100.39
+0.19
UMBS 6.5
101.81
+0.11
2 YR
4.7163
-0.0249
10 YR
4.3602
-0.0724
Pricing as of: 7/3 5:59PM EST
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