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MBS RECAP: Sideways Grind Means More Focus on Next Jobs Report

Posted To: MBS Commentary

Sideways Grind Means More Focus on Next Jobs Report As bonds continue to distance themselves from last week's volatility, things are looking more and more sideways. The 5yr auction was underwhelming, offering neither a rejection of post-Fed weakness nor a suggestion that it needs to continue. While the week's remaining data could challenge recent range boundaries, the heavy lifting is more likely to be left for next week's jobs report. MBS have one foot out the door having lost only 1 tick (0.03) on the day. Econ Data / Events Fed MBS Buying 10am, 1130am, 1pm Markit Services PMI: 64.8 vs 70.0 f'cast, 70.4 prev New Home Sales 769k vs 870k f'cast, 817k prev Market Movement Recap 08:26 AM Quiet, sideways overnight session despite strongest PMI since 2006 for the Eurozone. MBS…(read more)

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