MBS RECAP: Bonds Hit Top of Recent Range Ahead of Jobs Report

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Posted To: MBS Commentary

Treasuries weakened today as traders continued to price out a friendly Fed. This wasn't necessarily destined to be the case after yesterday's Fed Announcement. That, in and of itself, wasn't too threatening to bonds. In fact, bot stocks and bonds rallied in the immediate wake of the release. But once Powell got to talking, markets saw several of the talking points they were afraid of (i.e. foreign economic risks dying down, no case for a rate CUT, etc.). With that, bonds sold off yesterday afternoon and arguably picked the same game-plan back up today. Selling kicked into higher gear when prospective Fed nominee Stephen Moore said he, too, saw no case for a big rate cut. Probably not what Trump wanted to hear... About 3 hours later, with no reason given, he withdrew his name from...(read more)

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