Brief rundown for the evening. I can post regularly or only when noteworthy news is available. If anyone likes this, let me know and I'll see about keeping this up. Feedback is appreciated. See below: MBS are down -116bp (UMBS 30yr 2.0 at 99.84), around 53bp below volatile morning levels, and near the low for the day. Unfavorable repricing was seen. Despite a large decline in the stock market, MBS continued their recent downward trend (see below), essentially unrelated to any fresh news today. Demand was much weaker than average for the 7yr Treasury auction. The Dow is down 560 points. Tomorrow, Core PCE, Personal Income, and Consumer Sentiment will be released. Bond yields have been rising rapidly this year due to an improving outlook for economic growth, which increases inflationary pressures. Both the government and the Fed are providing massive amounts of stimulus to boost the economy, and the vaccine rollout is expected to unleash enormous pent-up demand in hard hit areas such as travel. Signs already have started to appear in recent data that inflation is rising, and most investors expect the upward trend to continue. One big question is whether the increase in inflation will be just temporary, which Fed Chair Powell thinks will be likely, or whether it will last for a long period of time. Freddie Mac reported that average mortgage rates rose in the week through February 18, with 30yrs at 2.97%, from 2.81% the prior week.