MBS RECAP: Bond Market Not a Fan of Mondays–At Least Not This One

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Posted To: MBS Commentary

Chinese markets were closed overnight for New Year. This slowed trade somewhat. Coupled with a lack of significant economic data this morning, it also put more emphasis on the events from the previous trading day. In this case, that previous day was Friday. That's when a series of economic reports (including the mighty jobs report as well as another heavy hitter, ISM Manufacturing) came out much stronger than expected . Stronger data isn't always a death knell for bonds, but it stung a bit more than normal this time around due to the Fed Announcement from 3 days prior. The Fed had just finished making a case for an easier monetary stance due to global growth concerns. And while that was probably a cop out intended to cover for a nagging fear of a big stock market sell-off (they can…(read more)

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