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MBS RECAP: Bonds Generally Consolidating Ahead of Jobs Report
Aug 6 2020, 4:49PM

MBS were higher today, but for the week as a whole, they've been flat (and right in line with last Friday's levels as of this afternoon).  That doesn't seem like a coincidence based on tomorrow's jobs report, but it still might be!  We just haven't seen enough evidence of the market's willingness to react to econ data recently.

Econ Data / Events
Market Movement Recap
08:19 AM

Modest gains in Asia and slightly better gains in Europe for bonds overnight.  The strength generally correlated with stock market weakness.  10yr yields starting almost 3bps lower and 2.0 UMBS starting almost an eighth of a point higher.

10:31 AM

Early weakness erased, and for no particular reason apart from traders rejecting a move above .53% in 10yr yields.  Now at new lows for the day of .5134--right in line with yesterday's lows.  MBS back near highs, up an eighth on the day.  All this despite a full reversal of overnight stock market weakness since 8am.

02:24 PM

Treasuries have given up most of their gains (now down only 1bp at .54).  The losses correlated with gains in equities.  MBS are outperforming despite coming off their highs just slightly.  2.0 UMBS are still up an eighth on the day.  Credit goes to lower supply at today's Fed buying operation.

04:43 PM

MBS at highs of the day heading into the close, still outperforming Treasuries.


MBS Pricing Snapshot
Pricing shown below is delayed, please note the timestamp at the bottom. Real time pricing is available via MBS Live.
MBS
UMBS 2.0
103-22 : +0-06
Treasuries
10 YR
0.5395 : -0.0035
Pricing as of 8/6/20 4:47PMEST

Today's Reprice Alerts and Updates
A recap of Alerts and Updates provided to MBS Live subscribers.
8:59AM  :  Slightly Weaker After Stronger Jobless Claims

Economic Calendar
Time Event Period Actual Forecast Prior
Thursday, Aug 06
7:30 Challenger layoffs (k) Jul 262.649 170.219
8:30 Jobless Claims (k) w/e 1186 1415 1434
Friday, Aug 07
8:30 Non-farm payrolls (k)* Jul 1580 4800
8:30 Unemployment rate mm (%)* Jul 10.5 11.1

About the Author

Chief Operating Officer, Mortgage News Daily / MBS Live
A former originator, Matthew began writing for Mortgage News Daily in 2007, covering a wide range of topics. Seeing a need in the marketplace, his focus increasingly shifted toward relating MBS and broader financial markets for loan originators. ... more

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