MBS MID-DAY: Just Slightly Weaker as NFP Consolidation Begins

Posted To: MBS Commentary

It's common to see a pre-NFP consolidation in bond markets. This refers mainly to the Monday and Tuesday of NFP week, especially if the Monday is NOT the first trading day of the new month. For this week, that leaves today as the only real "pre-NFP" day . Incidentally, the clock starts tick on Wednesday due to the data that is typically released: ADP and ISM Non-Manufacturing. These are two of the biggest market movers apart from NFP, and they frequently account for a pre-NFP "lead off." Today's consolidation has been fairly tame so far , and arguably began yesterday afternoon after the bond rally had run its course by 12:30pm. As we noted in the morning update on MBS Live, that bounce coincided with a sell-off in Oil running its course. And that just happens to…(read more)

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Source: Mortgage News Daily

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