Bonds were stronger out of the gate overnight as stocks slumped.  Correlation remains extremely high between the two.  After a rebound toward higher yields and stock prices, markets reversed course again just before 5am, moving lower into the domestic session.  Stocks have bounced slightly since 8am, but bonds are trying to hold their ground with 10yr yields trading near 0.70% vs a ceiling range of .72-.74.  MBS are underperforming, but also in positive territory (nearly an eighth of a point).

Treasuries have been steady as stocks recoup a portion of overnight losses.  MBS are near their best levels of the day, up an eighth of a point, still, just under 102 for 2.0 coupons.

VERY slow, sideways day for both MBS and Treasuries (albeit sideways at stronger levels).  No major change from the last update.