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MBS RECAP: Bonds Vote To Hold The Range Despite Stronger Data
Oct 6 2021, 4:26PM

10yr yields tested multi-month highs overnight (1.573), but improved gradually leading up to the domestic session.  Bond bulls held their breath at 8:15am ET when ADP employment data came out stronger than expected, but traders took it in stride.  After a few moments of weakness, yields continued falling into the 10am hour.  The rest of the day was flat despite some traction on a temporary debt ceiling extension deal.

Econ Data / Events
  • Fed MBS Buying 10am, 1130am, 1pm

  • ADP Employment 568k vs 428k f'cast, 340k prev

Market Movement Recap
08:30 AM

Weaker again overnight with 10s hitting multi-month highs of 1.573%.  They've since recovered to 1.534 (up less than a bp).  MBS are down only 2 ticks (0.06).  ADP data taken in stride.

09:36 AM

Addition recovery heading into the 9am hour with 10yr yields now DOWN on the day, albeit only slightly, at 1.521%.  MBS are within 1 tick of 'unchanged.'

01:17 PM

Very flat since this morning's friendly correction.  Levels are right in line with the last update and no market movers in sight.

03:52 PM

Bonds weakened briefly and modestly after news on a temporary debt ceiling extension, but are back in line with the previous levels (10yr yields at 1.522 and MBS up 1 tick).

MBS Pricing Snapshot
Pricing shown below is delayed, please note the timestamp at the bottom. Real time pricing is available via MBS Live.
UMBS 2.5
103-01 : +0-00
10 YR
1.5280 : -0.0030
Pricing as of 10/6/21 4:26PMEST

Today's Reprice Alerts and Updates
A recap of Alerts and Updates provided to MBS Live subscribers.
8:29AM  :  Bonds Fight Off Bad Reaction to Stronger ADP Data

Economic Calendar
Time Event Period Actual Forecast Prior
Wednesday, Oct 06
7:00 MBA Purchase Index w/e 275.7 280.4
7:00 MBA Refi Index w/e 3037.6 3359.5
8:15 ADP National Employment (k)* Sep 568 428 374
Thursday, Oct 07
7:30 Challenger layoffs (k) Sep 15.723
8:30 Jobless Claims (k) w/e 348 362

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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