MBS RECAP: Non-Event Jobs Report Makes Room For Central Banks


Posted To: MBS Commentary

To be sure, there was at least some amount of trepidation ahead of today's jobs report. The past 2 trading days made a clear case for it with stronger ADP employment, a big beat in ISM services data and of course the heads-up about re-opened US/China trade talks. Granted, several indicators held out hope for a lackluster NFP number, but one never can be sure when it comes to a report with such a pedigree for surprise. Combine that with an even stronger pedigree for a bond market response and the trepidation is totally justified . A 130k print versus a 158k forecast , then, was enough to calm nerves and allow bonds to coast back in line with yesterday's latest levels. Both Treasuries and MBS ended the day just barely inside positive territory and never experienced enough volatility to…(read more)

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