Posted To: MBS Commentary
Bonds had an OK day overall, but MBS stuck it to Treasuries NFP 160k vs 202k forecast. Nothing interesting re: wages Fannie 3.0s ended 1 tick lower. 10yr yields ended 3.7bps higher Any apprehension about the inability of NFP to create its characteristic level of market movement was well-earned today as bond markets fizzled sideways. We sometimes talk about “inside days” where the current trading range occurs completely “inside” the previous day’s trading range. With the exception of one brief rally during the knee-jerk minutes following NFP, today was an inside day for Treasuries. 10yr yields almost perfectly split the difference between yesterday’s highs and lows by the closing bell. All that to say that there really wasn’t a reaction to NFP today. It’s…(read more )