10yr Yields Finally Break The Range

10yr Yields Finally Break The Range Despite an absence of market movers on the calendar, bonds found a reason to move. In fact, 10yr yields staged their first legit breakout from the narrow trading range of the past 4 months.  Whether that has any implications for the future is a debate for technical analysts to have with fundamental traders. There was an extra little jolt of mid-day weakness when Trump suggested Hassett was out of the running for the Fed Chair nomination, but the day's bond losses would still be better-characterized as gradual and non-event-driven. MBS outperformed yet again for the same old reason (actual and/or anticipated GSE MBS purchases), but nonetheless ended the week at the lows. Econ Data / Events Industrial Production (Dec) 0.4% vs 0.1% f'cast, 0.2% prev Market Movement Recap 10:58 AM Losing ground from flat, opening levels.  MBS down 5 ticks (.16) and 10yr up 4.1bps at 4.215.   12:48 PM Off the weakest levels in MBS, now down 3 ticks (.09). 10yr near weakest levels, up 4bps at 4.214 02:18 PM Down to new lows. MBS down 5 ticks (.16) and 10yr up 5.6bps at 4.23