Truth is stranger than fiction sometimes.  In today's case, the fiction is the fairly logical story most traders would write in their minds.  That story starts with today's nonfarm payroll count coming in at 20k versus a forecast of 180k and a previous reading of 311k.  It ends with bonds rallying, obviously, right?  I mean, what else would bonds do when NFP misses by a whopping 160k.

As it happens, bonds weren't willing to rally very long.  They're already back up to pre-NFP levels and at risk of yet another bounce at 2.627%.

2019-3-8 open1

It will be interesting to see where things go today.  Then again, anything between 2.63% and 2.72% is smack dab in the middle of the same old boring range that's dominated all but a few hours of the past month.

MBS Pricing Snapshot
Pricing shown below is delayed, please note the timestamp at the bottom. Real time pricing is available via MBS Live.
FNMA 3.5
100-13 : +0-01
10 YR
2.6390 : +0.0030
Pricing as of 3/8/19 9:33AMEST

Tomorrow's Economic Calendar
Time Event Period Forecast Prior
Friday, Mar 08
8:30 Average earnings mm (%) Feb 0.3 0.1
8:30 Private Payrolls (k)* Feb 170 296
8:30 Non-farm payrolls (k)* Feb 180 304
8:30 Unemployment rate mm (%)* Feb 3.9 4.0
8:30 Building permits: number (ml)* Jan 1.289 1.326
8:30 Build permits: change mm (%)* Jan 0.3
8:30 House starts mm: change (%) Jan -11.2
8:30 Housing starts number mm (ml)* Jan 1.197 1.078
10:00 Wholesale inventories mm (%) Jan 0.3