Posted To: MBS Commentary
NOTE : This is the mid-day and the ‘recap’ as bond markets are not only closing early (noon ET), but were effectively closed after the initial NFP reaction. Traders were only here for one thing today: NFP. It was a good day to show up considering the magnitude of the miss. Nonfarm Payrolls plummeted to an eye-watering 126k versus expectations of 245k. Markets had been gearing up for weakness, but nothing could or should have been done to prepare for this level of weakness. Even the weather-blaming crowd is left without a leg to stand on today. The data has internal components that track how many workers report not being able to work due to weather. While that number was higher than last month, even if we added the difference to the total, we’d be left with 167k payrolls, which still…(read more)
Via:: MBS MID-DAY: Big Improvements for Bonds After NFP; Early Close
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