345,000 jobs lost in April. The  market was expecting 520,000 jobs to have been shed.....way way better than expected.Consequently fixed income sector is selling...alot.

 
The 10 yr note yield is at 3.89%....12bps higher than pre-data bid side yield. 2s vs.10s at 281bps...ugh thats a steep yield curve!

Here was the reaction in the Fannie Mae 4.5 MBS Coupon:

Can we issue a reprice alert before rate sheets are published?