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MBS OPEN: Choppy Market After Jobs Data

by Adam Quinones

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August NFP: -216,000. July revised higher to -276k from -247k

Unemployment Rate: 9.7% after 9.4 July reading

Average work week: 33.1 hours vs. 33.1 in July

Average Earnings: +0.3% vs. +0.3% July

Headline News Knee Jerk Reaction: stock futures fall. TSY futures rise.

Knee Jerk Reaction to Initial Knee Jerk Reaction: Stock futures bounce higher. TSY futures fall.

Here is the MBS market's reaction to the Employment Situation Report...

Its going to be a choppy morning...will update as market stabilizes.

MBS, TSY, LIBOR QUOTES

Data provided by Thomson Reuters
Secondary Marketing Managers and Capital Markets Desks, if you are interested in subscribing to the same fixed income and mortgage market data we use:CLICK HERE.

Comments

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Adam Quinones | Contact or Connect with this Member

gentleman's bet: 1000 S&P. 3.36 10 yr

Bobby Downey | Contact or Connect with this Member

Is that where you are saying we will end up at the end of the day? The number of job losses are better than expected....at least until they revise them up 30,000 like last month's numbers...still looking at the highest unemployment rate is 26 years...that is not a good thing no matter how it is spun.... Is this like the price is right? can i take 3.35 and 999.99?

Keefe S | Contact or Connect with this Member

1001 and 3.37 :-)

David Haines | Contact or Connect with this Member

this number is not real. It will be revised next month or the next.

Bobby Downey | Contact or Connect with this Member

on a sports note....matty how about your Oregon Ducks? I don't think we will be seeing Blount on the field again this year....maybe in the octagon though...what a sucker punch...

Michael Baker | Contact or Connect with this Member

Much better reaction to the NFP this morning than last month. Anyone notice how everyone on CNBC just passed over last month’s revisions UPWARD of 30K? All we heard last month was downward revisions were coming and would show the recovery had taken hold, but this month we see a 30K revision upward and CNBC still displayed last month job number as 246K, when comparing it to today’s NFP number. Can you get an actual degree in "Spin"?

Michael Cromwell | Contact or Connect with this Member

I'm sticking w/ yesterday's gutflop to float into next week. 9.7 is a big # after the improvement to 9.4 last month. Even w/ potentially damaging data(to us) next week, market sentiment still seems downward. Varsity team reenters the game next week & the Stock lever takes 10 yr. sub 3.30. I think we're in a range for rates and they won't move lower, but we may see a little more YSP.

Ray J | Contact or Connect with this Member

You guys notice that the U-6 unemployment figure is at 16.8%...hmmm...

Ray J | Contact or Connect with this Member

Adam, you should note that the unemployment figure you mention is the U-3 data set.

John Stuart | Contact or Connect with this Member

floatin till next week, market overreacted to improvements in job loss, unemployement worsened?? hmm... enjoy the last weekend of summer and forget about rates till tuesday, im gonna work on my tan

Jeff Coon | Contact or Connect with this Member

1002.5 / 3.375

Mc Hammer | Contact or Connect with this Member

Wow Matt is a duck fan used to like him....Go beavs Hammer time

Reichert | Contact or Connect with this Member

Some of you guys crack me up. John, nice pic bud. Maybe lay off the tanning bed and try spray. Might be easier on the ol'skin. Oh, and I'm a politician, can you get me a sweet deal on interest?

Larry Sprinkle | Contact or Connect with this Member

John Stuart: nice picture of Angelo

Frank Ceizyk | Contact or Connect with this Member

NFP pretty much a non-event? Looks like the bond/mbs gopher yawned and headed back to his hole to do the sideways shuffle for maybe the next six weeks...

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