MBS RECAP: Trade Headlines Stealing Thunder From Heavy Hitters

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Posted To: MBS Commentary

Last week saw an apparently important jobs report ATTEMPT to have a lasting impact on financial markets only for the move to be completely erased by this morning. Labor market data was already a bit of an outcast owing to its consistently strong performance in recent months/years (i.e. labor market strength is the rule, not the exception. Therefore, the strong report is less of a surprise and thus less of a market mover). But if we could only pick one reason for markets to ignore jobs data (or MOST data for that matter), it's the uncertain economic implications of an eventual trade deal. That also helps explain all of today's intraday volatility as bond yields were bumped up early in the domestic session by one batch of headlines and then again about an hour later by another batch of…(read more)

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