MBS Day Ahead: We Could Say “All Eyes on NFP,” But…

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Posted To: MBS Commentary

In the day just past, bonds managed to hold perfectly flat despite several big-ticket market movers in play. These included the European Central Bank's (ECB) announcement and press conference as well as the important ISM Non-Manufacturing data. The latter didn't garner any significant response and the former only really created volatility in European bond markets before ultimately being traded completely out of the market (i.e. yields in Europe and the US both continued with their overnight trends by noon). In the day ahead, we will find out how many eyes are indeed on NFP ("All Eyes on NFP" or "All Eyes on The Jobs Report" or some iteration of the phrase surely must be the most over-used headline in all financial news), the "nonfarm payrolls" component…(read more)

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