Posted To: MBS Commentary

Today began with Nonfarm Payrolls coming in at 379k vs 182k forecast. Last month's numbers were revised up to 166k from 49k. The unemployment rate ticked down a hair without being offset by a drop in the labor force participation rate. The hourly work-week returned to more normal levels after hitting a record high in the last report. All of these factors speak to the reopening of various local economies (and the report itself confirmed a massive resurgence in leisure/hospitality/wait-staff). Taken together with yesterday's Powell speech (in which the Fed chair completely avoided throwing a bone to concerns over the recent rate spike), this could easily add to the case for even higher rates than we've already seen. In fact, it did just that at first. Previous highs of 1.614% in 10yr…(read more)

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Source: Mortgage News Daily