The Day Ahead: Jobs Report to Preside at Bond Markets' Sentencing

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Posted To: MBS Commentary

Kicking the can down the road was all the rage a few days ago when the cliche phrase was applied to the quasi-deal that softened the blow of the Fiscal Cliff. But we've quickly moved on to the next "kicking" analogy. Not to put too fine a point on it, we must now consider whether or not Friday's Jobs report will kick bond markets while they're down . The Employment Situation Report isn't the be all and end all for mortgage rates, but it's always a tremendously important market mover, and clearly the most dominant piece of scheduled economic data each month. This time around, it happens to fall on the morning following a series of sell-offs for bond markets with the most recent one being a doozy . This casts the jobs report in the role of a "sentencing judge " vs the FOMC minutes that acted...(read more)

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Source: http://www.mortgagenewsdaily.com/mortgage_rates/blog/289937.aspx

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