• ADP Employment
  • 103k vs 130k f'cast, 113k prev
  • ADP says more moderate hiring and wage growth in 2024

Bonds had moderate ups and downs in the overnight session, but stayed in a broadly sideways range between 4.16 and 4.21.  Heading into the ADP data, yields were around 4.19.  After the data, the initial move was barely noticeable despite an obvious volume pop .  Yields fell to 4.174 but have since given some of that improvement back, currently up 1.5bps on the day at 4.182.

MBS are down an eighth of a point.  Long story short, ADP was a non-event that did nothing to change the prevailing range or narrative.  That's a good thing.