MBS MID-DAY: Mostly Sideways After Inconsequential Data and Yellen's Round 2

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Ah round 2!  After a relatively civil and infinitely more relevant chat with the Senate Banking Committee, Fed Chair Yellen is now enduring what can only be described as a nauseating barrage of political grandstanding.  Making things all the more frustrating is the fact that there are a few good questions and collegial attitudes interspersed with the reckless stupidity. 

When congresspeople start talking out of orifices other than their mouths, markets tend to tune it out.  Today is no different.  There hasn't been any salient market reaction to anything said in the Yellen testimony so far today.  It's possible that could change, but certainly not guaranteed.  The only guarantee is that those who stick around to listen to the Q&A will just be angrier and sadder than they are now.

The morning's economic data didn't do much to move markets either, though if anything, it was slightly negative for bond markets.  Those negative impacts have been more than offset by weakness in stocks.  That's not to say that stocks and bonds must invariably be joined at the hip, but amid a lack of other forms of inspiration, bonds have been taking some cues from stocks as the latter responds to earnings releases.

Pricing shown below is delayed, please note the timestamp at the bottom. Real time pricing is available via MBS Live.Pricing as of 7/16/14 12:11PMEST Morning Reprice Alerts and Updates 11:10AM  :  Back to Unchanged Levels as Stocks Slide 9:05AM  :  Bond Markets Slightly Weaker After Neutral Overnight Session Dave Pressel  :  "good point Alan -- that happened to someone I know here in NJ -- 200K loan with BOA and the entire balance got dismissed. And here I am making all of my payments 7 days early on my mortgages....sheesh" Alan Craft  :  "Some asked for mods and were told by the banks to fall behind and then they robo foreclosed on them" Jason Zimmer  :  "robosigned or not, if you didn't pay your bills, does it matter?" Alan Craft  :  "I like the part about money going to consumers. Especially the victims of robosigning and the like" Matthew Graham  :  "RTRS - BANK OF AMERICA IS OFFERING $13 BILLION, TO BE PAID IN BOTH CASH AND CONSUMER RELIEF, BUT DOJ IS ASKING FOR BILLIONS MORE - WSJ CITING SOURCES BAC.N" Matthew Graham  :  "RTRS- U.S. JULY NAHB HOUSING MARKET INDEX 53 (CONSENSUS 50) VERSUS 49 IN JUNE" Matthew Graham  :  "RTRS - U.S. JUNE INDUSTRIAL OUTPUT +0.2 PCT (CONSENSUS +0.4 PCT) VS MAY +0.5 PCT (PREV +0.6 PCT)" Matthew Graham  :  "RTRS - U.S. JUNE PPI FOR FINAL DEMAND +0.4 PCT (CONSENSUS +0.2 PCT) VS MAY -0.2 PCT" Sung Kim  :  ""None of the recent movement in mortgage rates could be considered 'fast-paced,'"noted Matthew Graham of Mortgage News Daily." Sung Kim  :  "Mortgage volume tanks; Jamie Dimon bashes the FHA" Discuss the MBS and Mortgage Markets on Our Streaming Dashboard

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