Posted To: MBS Commentary
Record-Breaking Job Gains, But Bonds Ultimately Improve Last month's jobs report shattered records, both for the outright level of job creation and for the gap between job growth and forecasts. While today's job count was even bigger (+4.8 million versus 2.699m last month), it wasn't as far above the forecast consensus (1.8m gap versus 10.5m last month). But even that doesn't fully explain why bonds were able to get back to stronger levels a few hours later. Waiting on covid news! Econ Data / Events 11:30-11:50 AM (ET) – Fed 30yr UMBS Buying Nonfarm Payrolls 4.8m vs 3.0m f'cast, 2.699m prev Unemployment rate 11.1 vs 12.3 f'cast , 13.3 prev Jobless Claims 1.427m vs 1.355m f'cast , 1.482m prev Market Movement Recap 08:18 AM Bonds broadly unchanged overnight despite…(read more)
Source: Mortgage News Daily
