Uneventful Afternoon After Strong Data Sends Yields Higher

Today’s key development was the duo of much stronger economic reports at 8:30am (Philly Fed and Retail Sales).  Indeed, this accounted for the only interesting moments of the day.  5 minutes later, both MBS and Treasuries weakened to levels that persisted through the 3pm CME close.  Bottom line: quick adjustment due to the data and then a sideways grind that reinforced the broader…