We came into the day with a disclaimer about modest losses still constituting a victory due to Wednesday afternoon's big rally. That was only relevant for a few moments this morning as the rest of the day has been spent moving to even stronger levels. The day's economic data and events can't really be credited for offering much motivation. Bonds simply look like they're getting in position for friendly data or are otherwise generally ready to turn the big corner barring an unfriendly surprise in the data.
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- Jobless Claims
- 225k vs 235k f'cast, 241k prev
- Core PCE Price Index m/m
- 0.2 vs 0.3 f'cast, 0.5 prev
- Core PCE Prices y/y
- 5.0 vs 5.0 f'cast, 5.2 prev
- ISM Manufacturing
- 49.0 vs 49.8 f'cast, 50.2 prev
- Jobless Claims
Modestly stronger overnight with 2-way trading surrounding the 8:30am econ data. 10yr down 1.8bps at 3.592 and MBS roughly unchanged.
Slightly weaker through 9:45am. Choppy and sideways since then. 10yr up less than 1bp at 3.618. MBS down just over an eighth of a point.
Nice little rally starting in earnest at 11am. MBS now up 3 ticks (.09) on the day to the best levels of the day. 10yr down 3.3bps at 3.578, nearly at the lows.
Off the best levels by about an eighth but still an eighth of a point higher on the day in MBS. 10yr yield is down almost 6bps at 3.552%.
MBS Market Alerts
