Posted To: MBS Commentary

In the grand scheme of things, today will likely be another placeholder of a day unless some unexpected (and fairly significant) trade war update happens to come out. That leaves the afternoon's 10yr auction as the only moderately capable market mover, and even then, we wouldn't want to hold our breath for Treasury auctions to move markets. Being, as we are, in "wait and see" mode, I'd rather take this morning to reflect on a phenomenon from the recent past. Raise your hand if you thought I was a bit crazy to claim "NFP doesn't matter" ahead of last Friday's blowout jobs report, and then if you thought I was even crazier to double down on that claim after stocks and bonds quickly began to respond to the stellar numbers. (My own hand is about halfway up…(read more)

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Source: Mortgage News Daily