MBS RECAP: Straightforward Sell-Off, Even if From an Unexpected Source

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Posted To: MBS Commentary

Bond markets ended the day in moderately weaker territory today, despite starting out in the Green. What happened? Today was refreshingly straightforward when it comes to attributing market movement to overt, logical sources. Today's source was the Markit Manufacturing PMI . If you're wondering exactly what that is, you're not alone. First of all, a PMI (or Purchasing Managers Index) is one of the best economic metrics for a broad categories such as "manufacturing" or "everything besides manufacturing." The Institute for Supply Management (ISM) puts out both versions of PMI, and they're the first runners up behind nonfarm payrolls (aka "NFP" or simply "the jobs report") for the title of biggest market mover. Had ISM released its manufacturing…(read more)

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