MBS Update: Weaker ISM and JOLTS Offset by Higher Prices; Light Reaction So Far

Robert Shamie

Fidelity Residential

P: (732) 686-9999 x101

M: (732) 859-2400

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MBS Morning:

MBS Recap:

MBS Alert:

MBS Update:

MBS Huddle:

Weaker ISM and JOLTS Offset by Higher Prices; Light Reaction So Far

Wed, May 1 2024, 10:05 AM

ISM Manufacturing
- 49.2 vs 50.0 f'cast, 50.3 prev
ISM Prices
- 60.9 vs 55.0 f'cast, 55.8 prev
Job Openings
- 8.488 vs 8.690m f'cast, 8.813m prev

Bonds had moved into slightly stronger territory ahead of the ISM data. While the sub-50 headline is bond-friendly, the 60+ reading in the price component is unfriendly. If that had been the only 10am data, we might be seeing yields move up, but Job Openings just came out at the lowest level since Feb 2021.

With that, bonds have barely budged from the stronger levels at 9:59am ET. 10yr yields are down 4bps at 4.643 and MBS are up nearly a quarter point.

More MBS and Treasury Markets

MBS Recap:

Moderate, Inconsequential Weakness - Fri, 7:31 PM

MBS Alert:

Weakest Levels of The Day - Fri, 4:47 PM

MBS Morning:

11 Day Weekend Starts Now - Fri, 3:12 PM

MBS Recap:

Gradual Weakness All Day And a Quieter Calendar Ahead - Thu, 9:00 PM

MBS Alert:

Negative Reprices Becoming More Likely - Thu, 6:28 PM

Robert Shamie

Fidelity Residential

P: (732) 686-9999 x101

M: (732) 859-2400

https://fidresi.com

Apply Now

Google

Zillow

Ask Me a Question

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