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MBS RECAP: Bonds Definitely Playing Defense Ahead of NFP

Posted To: MBS Commentary

Bonds Definitely Playing Defense Ahead of NFP Friday's nonfarm payrolls data (NFP) will be more important than normal due to its role in the Fed's taper timing conversation. Things could go either way, as always, but if the report is stellar, it would join forces with 2 straight days of somewhat heavy selling. The net effect would be a pain trade for a bond market that had entered the week at the best levels in 6 months–one that would receive at least some consideration as marking the end of the summertime bull run. (And yes, this is all a tad dramatic until it isn't. Let's hope it's not). Econ Data / Events Fed MBS Buying 10am, 1130am, 1pm Jobless Claims 385 vs 384 f'cast, 399 prev Continued Claims 2.93m vs 3.26m f'cast Market Movement Recap 08:32 AM Bonds opened…(read more)

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