Market wants to give us hope today. Up 52 bps early. Nonfarm Payrolls = 311 vs 225 f'cast, [504 prev] Wages = 0.2 vs 0.3 f'cast, [0.3 prev]  up 4.6% YoY Unemployment Rate [...]

Thursday - March 9, 2023 MBS are up .14 on the morning. Bonds were sideways to slightly weaker overnight with markets locked in a classic Fed accommodation trade (stock prices and bond yields [...]

MBS are up 19. Winning back some of the Powell ground lost yesterday. Although the ADP data came out at 8:15am and bonds improved shortly thereafter, it was actually the simple tolling of [...]

UMBS 5.5 at + 3bps on the open.  10y is down 3 bps. The recent pattern in overnight trading has seen a flatter trajectory in Asia followed by a setting of the tone [...]

UMBS up 9 bps on the morning. Bonds were sideways to slightly stronger amid quiet trading in Asia.  Things got more volatile in Europe, but mostly for EU bonds (dueling narratives from different [...]

Monday - February 27, 2023 MBS up 13 bps early on the day. Durable goods orders fell 4.5% in January, according to the Census Bureau. Excluding transportation, durable goods orders rose 0.7%. Core [...]

MBS are down another 30 bps this morning. 10y up 7. Neither of this morning's reports were great for bonds.  Q4 is ancient history, but any indication of higher wage growth hurts.  Jobless [...]

MBS down 15 bps on the open. 10y up 5 bps. Federal Reserve Chair Jerome Powell and his colleagues confront a “legitimate head scratcher” as they probe how high to raise interest rates [...]