Friday ended up seeing the bond market give up some ground with most of the weakness following the ISM Services data. The headline wasn't the culprit. Rather, resilience in the employment index and persistence in the price index did the damage. Even then, the damage was minimal in the bigger picture and not sufficient to derail what ended up being a stronger week overall.
Econ Data / Events
-
- ISM Biz Activity (Sep)
- 49.9 vs 51.8 f'cast, 55 prev
- ISM N-Mfg PMI (Sep)
- 50.0 vs 51.7 f'cast, 52.0 prev
- ISM Services Employment (Sep)
- 47.2 vs -- f'cast, 46.5 prev
- ISM Services New Orders (Sep)
- 50.4 vs -- f'cast, 56.0 prev
- ISM Services Prices (Sep)
- 69.4 vs -- f'cast, 69.2 prev
- ISM Biz Activity (Sep)
Market Movement Recap
10:01 AM
No major reaction to ISM data. MBS down 2 ticks (.06) and 10yr up 1.9bps at 4.101
12:03 PM
Off the weakest levels. MBS down 2 ticks (.06) after being down more than an eighth earlier. 10yr up 2.8bps at 4.109 after hitting 4.117 earlier.
03:34 PM
Weakest levels of the day. 10yr yields up 3.8bps at 4.12 and MBS down 6 ticks (.19) on the day.
MBS Market Alerts
