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MBS RECAP: Some Cause For Concern, Despite The Gains

Posted To: MBS Commentary

Stock Market Weakness To The Rescue Last Friday tied August 11th as the worst day of since early June. It was something the bond market clearly felt needed to happen (weaker stocks were little help). The day before, however, stock selling definitely helped bonds extend their week-long rally. Now today, we're seeing bonds finding comfort in the same misfortune. Econ Data / Events 20min of Fed 30yr UMBS Buying 10am, 1130am (M-F) and 1pm (T-Th) Nonfarm Payrolls 1.371m vs 1.4m f'cast , 1.734m prev Unemployment Rate 8.4 vs 9.8 f'cast , 10.2 prev Participation Rate 61.7 vs 61.4 prev Market Movement Recap 08:20 AM Bonds were fairly flat to start the overnight session, but gained ground in concert with another big stock sell-off. 10yr yields are down 4.5bps at .676 and 2.0 UMBS are starting…(read more)

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