The combination of this morning's ADP employment data and the preliminary GDP revision pushed yields slightly higher after a flat overnight session.  We can also assume some degree of anxiety heading into the 1:30pm speech from Fed Chair Powell at the Brookings Institute. 

In the bigger picture, a range of 3.68 to 3.84 continues to dominate the longer end of the yield curve with yields gradually rising inside that range so far this week.

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When it comes to the shorter end of the yield curve, the excess pressure is validated by Fed rate hike expectations.  Indeed this morning's data produced a noticeable bump in the outlook for Fed meetings beyond the next one (the next one is seen as a 0.50% lock for quite a while).

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In addition to the prospect of Powell addressing this outlook, it is also "month-end" for the market.  We have a primer that discusses the implications on MBS Live (here it is).