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MBS RECAP: Particularly Calm Before a Particularly Important NFP

Posted To: MBS Commentary

Particularly Calm Before a Particularly Important NFP The widest trading range of the week has been 4.5bps (Tuesday), but tomorrow's jobs report could easily result in twice as much movement, or even three times as much. Based on the relevant technical levels, that means bonds closed in the most neutral position possible (1.30% in 10yr yields leaves an equal amount of distance to the top and bottom of the 4-week range). With that level already marking the close for yesterday, traders didn't need to do much today–a fact that's evident in the week's smallest trading range and lowest volume profile. Econ Data / Events Fed MBS Buying 10am, 1130am, 1pm Jobless Claims 340k vs 345k f'cast, 354k prev Market Movement Recap 08:44 AM Flat in Asia, then stronger in Europe, led by European…(read more)

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