Posted To: MBS Commentary
Bonds Vote To Hold The Range Despite Stronger Data 10yr yields tested multi-month highs overnight (1.573), but improved gradually leading up to the domestic session. Bond bulls held their breath at 8:15am ET when ADP employment data came out stronger than expected, but traders took it in stride. After a few moments of weakness, yields continued falling into the 10am hour. The rest of the day was flat despite some traction on a temporary debt ceiling extension deal. Econ Data / Events Fed MBS Buying 10am, 1130am, 1pm ADP Employment 568k vs 428k f'cast, 340k prev Market Movement Recap 08:30 AM Weaker again overnight with 10s hitting multi-month highs of 1.573%. They've since recovered to 1.534 (up less than a bp). MBS are down only 2 ticks (0.06). ADP data taken in stride. 09:36 AM Addition…(read more)
Source: Mortgage News Daily
