MBS are up +3/32 (FNMA 30-yr 3.0 at 102.05), around 5/32 higher than yesterday at this time. Early investors may have priced at a range of levels.
This morning, the Chicago PMI regional manufacturing index rose slightly to 46.3, but this was well below the consensus of 50.0. Bad weather and the West Coast port strikes likely hurt the results over the last couple of months. The Dow is down 100 points. Consumer Confidence will be released at 10:00 et.