MBS Day Ahead: Crazy Low NFP, But Bonds Are Respecting The Range

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Posted To: MBS Commentary

Truth is stranger than fiction sometimes. In today's case, the fiction is the fairly logical story most traders would write in their minds. That story starts with today's nonfarm payroll count coming in at 20k versus a forecast of 180k and a previous reading of 311k. It ends with bonds rallying, obviously, right? I mean, what else would bonds do when NFP misses by a whopping 160k. As it happens, bonds weren't willing to rally very long. They're already back up to pre-NFP levels and at risk of yet another bounce at 2.627%. It will be interesting to see where things go today. Then again, anything between 2.63% and 2.72% is smack dab in the middle of the same old boring range that's dominated all but a few hours of the past month. MBS Pricing Snapshot Pricing shown below is…(read more)

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