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It's been a choppy morning for MBS. At their lows, Fannie 3.5's hit 102-13, while highs have been mostly capped out at 102-19. The 6/32nds gap between those highs and lows isn't especially wide, so trading hasn't been volatile in that sense. But the juxtaposition of those highs and lows between 9am and 11am is certainly more volatile price action than we've recently seen in MBS. On the Treasury side, 10yr yields have set up a bit of a pivot for themselves this morning after experiencing their own volatile weakness. Yields intially got a supportive bounce off a would-be ceiling around 2.06 before moving up into the 2.09's, and now that they have come off those highs, the same 2.06 level is offering some resistance to further improvements. A break lower could pave the way for a meaningful break...()