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MBS RECAP: Strong Start to a Slow Week

Posted To: MBS Commentary

Strong Start to a Slow Week Bonds rallied today, both before and after the weak ISM Non-Manufacturing data. "Weak" is a relative term considering 60.1 is one of the 10 best results for this report in 16 years. Notably, most of the day's rally was intact BEFORE the data came out. That's a reassuring start to a holiday-shortened week that ran the risk of being distorted by lighter volumes and a potential push back against Friday's post-payrolls gains. Econ Data / Events Fed MBS Buying 10am, 1130am, 1pm ISM Non-Manufacturing 60.1 vs 63.5 f'cast, 64.0 prev Market Movement Recap 08:25 AM Little changed from Friday's close after starting slightly weaker overnight and rallying back to 'unchanged' by the domestic open. 10yr down to 1.425 and 2.0 UMBS up 2 ticks…(read more)

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