MBS RECAP: Still Waiting For Something to Finish What Jobs Report Should Have Started

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Posted To: MBS Commentary

Back on Thursday afternoon, bonds/rates looked like they were just wrapping up the process of rising into position between the old range and the new range (2.52-2.55%). With NFP being the big market mover that it is, the expectation was that rates would be making a choice between one of those two ranges on Friday. As it happened, however, bonds briefly touched the highest yields in 2+ weeks and then decided to head the other direction . But they didn't head the other direction in a convincing way. In fact, for all practical purposes, rates continued to fly a holding pattern at the edge of both ranges. That phenomenon continued today with yields edging back up to 2.52% after briefly making it below 2.50% in the overnight session. For their part, MBS weren't too troubled by the Treasury…(read more)

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