MBS Week Ahead: Jobs Week. Now Can We Break The Range?
Posted To: MBS Commentary
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. Regular readers of this commentary are no strangers to our current stance on the jobs report and practically any other economic report. They just don't have remotely as much power to cause momentum shifts as in the past. Even with the jobs report on tap, none of this week's data is an exception. The economy needs more time to define itself, post-covid–potentially a lot more time. In fact, without a vaccine and a presidential election, that process isn't even possible (though we should certainly be on the lookout for markets to move more convincingly after the election–something that will happen infinitely…(read more)