MBS RECAP: Mario Washes Out Stronger Claims; NFP Tomorrow

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Posted To: MBS Commentary

MBS Live : MBS Afternoon Market Summary Yesterday's respectable rally to the best levels of the year turns out to have been markets' way of taking a more defensive stance against this morning's data. In other words, the rally didn't extend overnight and actually pushed a bit weaker ahead of the ECB Announcement at 7:45am. This allowed for minimal volatility following the stronger-than-expected Jobless Claims data, which only prompted a drop to 104-17 in Fannie 3.0 MBS after closing at 104-23 yesterday and opening at 104-19 this morning. The bounce was reinforced by Draghi's press conference that started at 8:30am. The ECB chief did more than allude to the possibility of future accommodation and flat-out said that sub-zero deposit rates were technically doable. Mid day news solidified the notion...(read more)

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Source: http://www.mortgagenewsdaily.com/mortgage_rates/blog/307046.aspx

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