MBS RECAP: Jobs Week. Now Can We Break The Range?
Posted To: MBS Commentary
Jobs Week. Now Can We Break The Range? The end of the week brings the first Friday of the month (of October!) and thus the big jobs report–the economic data that has ruled all others throughout bond market history. The post-covid bond market dynamic means the jobs report would have to fall almost unimaginably far from forecasts to have a big impact. What to do in the meantime? Same thing we do every day for the past few months: guard the range and wait for breakout. Econ Data / Events 20min of Fed 30yr UMBS Buying 10am, 1130am (M-F) and 1pm (T-Th) Market Movement Recap 08:37 AM Stocks opened stronger overnight after Friday's later rally. S&P futures up 1.42% to start and bonds paid some attention to those gains with 10yr yields up just over 1bp to .668%. MBS are opening 1 tick (0.03…(read more)