Posted To: MBS Commentary

Sell-Off Talked Tough But Backed Down When Confronted On a week that started with a downbeat ISM Manufacturing report and a day that began with a weak ADP employment report, this morning's ISM Non-Manufacturing numbers were surprising enough to get bond sellers fired up. But the ongoing economic reality (the one where covid case counts are rising at their fastest pace since the start of the pandemic and where the Fed is waiting at least a month or two longer before dialing back its bond purchases) told the sell-off to take a seat. After a tense little stand-off, that's exactly what happened. Econ Data / Events Fed MBS Buying 10am, 1130am, 1pm ADP Employment 330k vs 695k f'cast, 680k prev ISM Non Manufacturing 64.1 vs 60.5 f'cast Market Movement Recap 10:20 AM Stronger overnight…(read more)

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Source: Mortgage News Daily