Posted To: MBS Commentary
Bonds a Bit Nervous as Big Data Week Begins If there was ever a time when economic data was inconsequential as a market mover, the post-covid era is surely a front-runner. That said, we know this dynamic will begin to change as the temporary distortions and volatility work themselves out. We’ve already seen bonds react to nonfarm payrolls a few times–even if only temporarily. As such, we’re unable to dismiss the jobs report as a non-event. Bonds seem to be starting out the current week erring on the side of caution, in case the data reignites a bullish case for the labor market. Econ Data / Events Fed MBS Buying 10am, 1130am, 1pm ISM Manufacturing 61.2 vs 60.9 f’cast, 60.7 prev Construction Spending 0.2 vs 0.5 f’cast, 1.0 prev Market Movement Recap 08:43 AM Much weaker overnight…(read more)
