Posted To: MBS Commentary

More Defensive After Jobs Report, But Not Necessarily Because of it The jobs report was hard-pressed to live up to its historical market movement potential this morning, but it did its best to surprise markets. Bonds reacted momentarily but quickly traded in the opposite direction. The rest of the day brought other concerns, however, and the resulting market movement has risk-averse clients reconsidering their lock/float stance. Econ Data / Events 20min of Fed 30yr UMBS Buying 10am, 1130am (M-F) and 1pm (T-Th) Nonfarm Payrolls 1.763m vs 1.6m f'cast , 4.791m prev Unemployment Rate 10.2 vs 10.5 f'cast , 11.1 prev Market Movement Recap 08:45 AM Fairly small but very fast sell-off following strong NFP, but now very contained. Minimal weakness in Treasuries. MBS back into POSITIVE territory…(read more)

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Source: Mortgage News Daily