Some people may pine for Fridays due to the end of a work week, or perhaps as the start of an extended weekend (as is the case with the impending example due to Independence Day).  But we here in the bond market are anxious for this particular Friday as it brings another installment of the jobs report--which has been one of the few events that actually contributes to shaping new ranges as opposed to perpetuating them.  So far this morning, the existing range (which bottoms out at 1.44% in 10yr yields) remains a tough nut to crack.

As always, there are no guarantees.  The consolidation pattern could give way before Friday, or it might remain intact even after Friday, much like the previous consolidation stalled on the Monday following the last jobs report before ultimately giving way to a bond-friendly breakout.  Either way, the current consolidation is growing narrower at a more rapid pace, so a breakout is a safe bet--if not on Friday itself, shortly thereafter.

20210630 open.png


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
101-04 : +0-04
Treasuries
10 YR
1.4540 : -0.0260
Pricing as of 6/30/21 9:41AMEST

Tomorrow's Economic Calendar
Time Event Period Forecast Prior
Wednesday, Jun 30
7:00 MBA Purchase Index w/e 268.0
7:00 MBA Refi Index w/e 3110.3
8:15 ADP National Employment (k)* Jun 600 978
9:45 Chicago PMI * Jun 70.0 75.2
10:00 Pending Sales Index May 106.2
10:00 Pending Home Sales (%) May -0.8 -4.4
10:30 Crude Oil Inventory (ml) w/e -4.686 -7.614