MBS RECAP: NFP Passes Without Trace; Bonds Consolidate Gains


Posted To: MBS Commentary

MBS and Treasuries both end nearly unchanged after some intraday volatility 10's traded a range of 1.762 to 1.814. Fannie 3.0s 102-17 to 102-24 NFP 215k vs 205k. ISM data was the bigger problem, coming in hot (relatively) Bonds shook off ISM data despite stock surge Hurray bonds! The world may never know how close bond markets came to a major rally today. For traders, the first day of the month is like a candy store for kids with fresh allowances lining their pockets. It almost never happens that the first day of the month falls on NFP day. NFP almost always comes after, thus keeping some of the potential volatility of the 1st day of the month under wraps. This time around, not only did we have NFP, but NFP also did very little to push markets in either direction. Traders figured that ISM…(read more)

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