The bond market's reaction to today's jobs report was a textbook example. The job count was much weaker than expected, though not extreme, and revisions cast further shade on the recent employment trends. Bonds responded with a rally that was equally brisk and at no more risk of being labeled "extreme." Case in point, MBS were only up .375-ish at today's highs compared to the full point of improvement seen after the last jobs report. The absence of volatility after the initial move was nothing short of refreshing. Rare is the NFP day without any major lead changes or reprices.
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- Nonfarm Payrolls
- 22k vs 75k f'cast, 79k prev
- Unemployment Rate
- 4.3 vs 4.3 f'cast, 4.2 prev
- Nonfarm Payrolls
Stronger after NFP. MBS up a quarter point and 10yr down 6.1bps at 4.097
Rally continues. MBS up 3/8ths and 10yr down 9bps at 4.069
Calmly holding strongest levels. MBS up 11 ticks (.34) and 10yr down 8.6bps at 4.071
Off the best levels by about an eighth with MBS up a quarter point and 10yr yields down 7.2bps at 4.086
MBS Market Alerts
