The Day Ahead: Non-Farm Payrolls, Unemployment Rate, Hourly Wages, Factory Orders

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Posted To: MBS Commentary

Interest rates moved mostly sideways in light overnight trading volumes. The same thing goes for stocks, totally sideways in a quiet marketplace. Unfortunately sideways overnight price action in benchmark Treasuries followed an abrupt spike in rates yesterday that carried the 10-year note outside its recently tight trading range, back into the middle of the broader month long range at 3.57%. Short selling was obvious in the futures market, we'd like to see those positions squeezed out today to confirm the recovery rally that has played out over the past three weeks. The 2s/10s yield curve steepened slightly to 278bps wide in the sell-off and is currently holding that level. Hawkish Inflation Rhetoric Sparks Short Selling in Bond Market Rate Techs: Neutrality Found Just Before High-Risk Event...(read more)

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Source: www.mortgagenewsdaily.com

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