Posted To: MBS Commentary

MBS Near 2-Month Highs After Tame Econ Data Coming into this week, Friday’s jobs report was our best chance to see a big reaction to economic data. After today, it’s our only remaining chance. Today’s offerings were close enough to consensus as to have minimal impact on bonds. Trading levels improved modestly, but that’s all it took for MBS to nudge up to their best levels since the beginning of March. Econ Data / Events Fed MBS Buying 10am, 1130am, 1pm ADP Employment 742k vs 800k f’cast, 565k prev ISM Non-Manufacturing 62.7 vs 64.3 f’cast, 63.7 prev Market Movement Recap 08:23 AM Modestly weaker overnight. Minimal volatility after ADP miss (742k vs 800k). Yields dropped at first, but now back in line with pre-ADP levels with 10yr up 2 bps vs yesterday at 1.61% and 2…(read more)

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Published On: May 5, 2021 / Categories: Mortgage News /