MBS RECAP: Some Sound and Fury, but No Significance

Posted To: MBS Commentary

This is more of a recap of the week as a whole because if I tried to just cover today, the screen would look too blank! NFP came out weaker than expected. No one cared for better or worse. The end… seriously! There was a bit of volatility following the jobs data as traders searched for significance in the labor force participation slump or the big miss in wage growth numbers, but all of these things are “side-burner” at best at this stage in the expansionary cycle (i.e. we’ve had such a long time with decent-to-great payroll growth that nothing much matters until it slips more than it already has in terms of moving averages). The volatility gave way to flat trading and then a drift to barely-stronger levels to end the day. That was in line with the week’s broader theme of…(read more)

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