Bonds Start Week Off With a Bang After a weaker overnight session, bonds bounced back swiftly after this morning's ISM Manufacturing data. The headline was roughly as-expected, but sharply weaker employment and "new orders" outweighed the highest "prices paid" component in more than 2 years. It took less than 15 minutes for moderate losses to flip to moderate gains. Very little happened after that apart from a slow and mostly steady trickle to even stronger levels. It bears repeating that the gains were centered on econ data as opposed to any other news. Econ Data / EventsISM Manufacturing 50.3 vs 50.5 f'cast, 50.9 prev ISM Prices62.4 vs 56.2 f'cast, 54.9 prev ISM Employment47.6 vs 50.1 f'cast, 50.3 prev ISM New Orders48.6 vs 54.6 f'cast, 55.1 prev Market Movement Recap10:09 AM Bouncing back to positive territory after ISM data. MBS unchanged and 10yr down 2.1bps at 4.194 01:10 PM Stock losses spilling over to help bonds again. 10yr down 4.1bps at 4.174. MBS up 2 ticks (.06). 03:22 PM Best levels of the day. MBS up 3 ticks (.09) and 10yr down 5bps at 4.165
Bonds Start Week Off With a Bang After a weaker overnight session, bonds bounced back swiftly after this morning's ISM Manufacturing data. The headline was roughly as-expected, but sharply weaker employment a... (read more)
Mortgage rates faced a very small threat of a very small increase this morning. The underlying bond market was in weaker territory to start the day and that typically means mortgage lenders raise rates. Indeed, many lenders were slightly higher... (read more)
Can you believe it’s been five years since we were chuckling at, “I ran out of toilet paper and had to start using newspaper. Times are rough” and “The grocery stores in France look like tornadoes hit them. All that’s left is de brie.” Time and calen... (read more)
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