MBS
+12/32 @ 100.230 10 Yr T
+3/32 @ 2.0800 DOW +80 @
15040
Investors are expecting that tomorrow's Employment report will
cause a large reaction in MBS markets due to its influence on future Fed
policy, and today they positioned their portfolios based on what they think
will happen. The result was another volatile session. MBS were down early in
the session following the ECB announcement that rates were held steady and
there will be no new stimulus measures. In the middle of the day, however, MBS
prices improved ahead of the jobs report. Tomorrow, the Employment report will
be released at 8:30 et. The consensus forecast is for an increase of 165K jobs
in May.
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