Posted To: MBS Commentary
It’s actually fairly impressive to see Fannie 3.5 MBS “only” down 11 ticks on a day when the jobs report came in at 321k vs 230k forecast. There was widespread consensus among MBS Live members today that the losses felt minimal in light of the ‘beat.’ Not only that, but rate sheets were fairly gentle as well, with some morning rate sheets actually staying right in line with yesterday’s rates. That’s AFTER the jobs report this morning, mind you. So what gives with the bond market resilience? We have a fair number of supportive anecdotes to choose from. Relating most directly to the jobs data itself, I noted in an earlier update that the seasonal adjustment factor for this November was quite a bit more aggressive than last November. 64.6% of the unadjusted payrolls…(read more)
Via:: MBS RECAP: Could have been a lot worse
