8:30-8:32... These were the only two minutes of the day where anything interesting was happening for bond markets. It wasn't the good kind of 'interesting' either as stronger employment data sparked big, fast selling before completely leaving the building for the weekend.
After 8:32am, the grind began and MBS never went any lower for the rest of the day. That said, neither MBS or Treasuries really went much of anywhere. To be fair to MBS, they held up a bit better, and are coasting out at 104-05 (Fannie 4.0s) after hitting 104-00 this morning. 10yr yields have been in a 1bp range since 11am.
Today's employment data was the first significant eye-opener regarding the impact of the weather on recent economic data. Not only did it confirm the weather had an effect, but it also suggested that maybe things really aren't so bad by the time we account for it. Making that case with market bears is going to take more than just the one piece of data though, which is likely why MBS are only off 9 ticks day-over day and 10yr yields only up 5.5bps.
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