MBS Update: Essentially No Reaction to Slightly Stronger ADP

Anthony E. Clark

Executive Branch Manager

West Capital Lending

P: (949) 751-1062

M: (714) 376-2346

E: aclark@westcapitallending.com

westcapitallending.com/.../anthony-clark

24 Executive Park Suite 250
Suite 250
Irvine California 92614

License:

Corporate NMLS# 1566096

Individual NMLS# 970244

MBS Morning:

MBS Recap:

MBS Alert:

MBS Update:

MBS Huddle:

Essentially No Reaction to Slightly Stronger ADP

Wed, Jul 30 2025, 8:24 AM

ADP Employment
- 104k vs 75k f'cast, -23k prev

In addition to having about a 50% chance to correlate with the odds for the big jobs report to follow suit, ADP was only mildly stronger than expected this time around. It is also the 5th lowest reading of the post-covid-lockdown cycle, so not necessarily indicative of a boomy labor market.

10yr yields are less than 1bp higher after the data and only 1.7bps higher on the day at 4.339. MBS are down a scant 2 ticks (.06). On to GDP at 8:30am, ET.

More MBS and Treasury Markets

MBS Recap:

Markets Expected More Dovishness From Powell - Wed, 8:16 PM

MBS Alert:

Bonds Losing Ground During Powell Press Conference - Wed, 6:54 PM

MBS Update:

No Major Initial Reaction to Fed Announcement - Wed, 6:03 PM

Here's What Changed in The New Fed Announcement - Wed, 6:00 PM

MBS Morning:

Deceptively Strong GDP Causing Early (Possibly Unjustified) Weakness - Wed, 2:06 PM

Anthony E. Clark

Executive Branch Manager

West Capital Lending

P: (949) 751-1062

M: (714) 376-2346

E: aclark@westcapitallending.com

westcapitallending.com/.../anthony-clark

24 Executive Park Suite 250
Suite 250
Irvine California 92614

License:

Corporate NMLS# 1566096

Individual NMLS# 970244

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