Today is a bit of a mirror image compared to yesterday. Bonds lost ground after the AM econ data and then began improving heading into the afternoon hours. Despite the gains, the yield curve suggested some apprehension ahead of Powell's speech/Q&A in Dallas this afternoon. Fears proved to be justified as Powell echoed colleague's recent quips regarding a slower pace of rate cuts than previously foreseen. This isn't a surprise considering the recent econ data, but confirmation was worth a bit more selling of shorter-dated Treasuries. MBS got swept up in that trade and ended up trading a 7 tick (.22) gain for a 6 tick (.19) loss as of 4pm ET. Fairly uneventful in the bigger picture.