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NFP Losses Almost Completely Reversed Now!
Posted to: Micro News
Friday, December 06, 2013 9:01 AM

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As strange and wonderful as it is to consider, Fannie 4.0s just turned green on the day and 10yr Treasuries are close to doing the same. Maybe they will. Maybe they won't. Either way, this is a much stronger showing for bond markets than you'd ever expect after a 20k+ beat on an important NFP.

The potential reasons for this have been excessively discussed in this week's commentary, but in general have to do with the pace of the selling pressure over the past few weeks as well as the outright levels being near the upper end of the yield range in benchmark Treasuries.

In other words, bond markets were set up defensively for the potential of a stronger-than-expected report, thus limiting the damage.




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