Bonds Build on Overnight Gains After Another Tariff Change It was a low drama session for bonds with overnight gains managing to remain intact during the AM hours and additional improvement in the PM hours. There wasn't any glaringly obvious individual market mover during domestic hours, although some would say comments from Fed's Waller certainly didn't hurt. Rather, we saw consistent, moderate, generalized buying demand as traders need not price in as much panic as last week if the tariff outlook is becoming progressively less onerous. Whether this is a brief reprieve remains to be seen.  And we may have to wait a bit longer to sort that out considering there are only 2.5 more days left to trade this week due to the holiday calendar.  Econ Data / EventsNY Fed Inflation Expectations 1yr : 3.6 vs 3.1 prev 3yr: 3.0 vs 3.0 prev Market Movement Recap09:41 AM Stronger overnight on electronic tariff exemptions.  MBS up half a point and 10yr down 9.2bps at 4.058 11:04 AM Modest additional gains after NY Fed inflation data.  MBS up 13 ticks (.41).  10yr down 10bps at 4.05 01:20 PM Best levels of the day in Treasuries.  10yr down 11.7bps at 4.033.  MBS up 12 ticks (3/8ths).  03:26 PM Just a bit stronger.  MBS up just over 5/8ths and 10yr down 11.8bps at 4.373