MBS Day Ahead: Bonds Not Showing Hand Ahead of NFP--Doesn't Mean They Didn't Come to Play

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Posted To: MBS Commentary

We've now made it through NFP week without having any "pre-NFP lead-off." That's the pattern we occasionally see where bond markets will quickly snowball higher or lower, essentially showing their hand in terms of trading positions. From there, NFP itself will either melt the snowball or make it much bigger. Not only was their no "lead-off," but there really wasn't much of anything! Modest range notwithstanding, rates have been dead flat. Higher yields never lasted long before giving way to lower yields, which in turn saw quick bounces right back to the highs. All of this took place in a narrow micro-range that's been flatter, longer than anything else recently. Stepping back just a bit, we can see that yields previously found support around 2.20, dipped...(read more)

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Source: http://www.mortgagenewsdaily.com/mortgage_rates/blog/509257.aspx

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