Posted To: MBS Commentary
Big Reversal in Bonds After Stocks Sell Off Bonds paradoxically sold off after this morning's weaker jobs number. We could talk about why that might have happened or simply focus on what happened next: a big sell-off in stocks that quickly pushed bonds past key stop-loss levels. After that, it was game over and the snowball rally was self-sustaining through the 3pm close. MBS underperformed significantly yet again, but nonetheless managed solid gains on the day. Econ Data / Events Fed MBS Buying 10am, 11:30am, 1pm Nonfarm payrolls 210k vs 550k f'cast, 546k prev Unemployment Rate 4.2 vs 4.5 f'cast, 4.6 prev ISM Non-Manufacturing 69.1 vs 65.0 f'cast, 66.7 prev Market Movement Recap 08:47 AM Very slightly stronger overnight. Mixed reaction to payrolls now giving way to weakness…(read more)
Source: Mortgage News Daily
