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Textbook Reaction With Minimal Volatility
Textbook Reaction With Minimal Volatility
The bond market's reaction to today's jobs report was a textbook example. The job count was much weaker than expected, though not extreme, and revisions cast further shade on the recent employment trends. Bonds responded with a rally that was equally brisk and at no more risk of being labeled "extreme." Case in point, MBS were only up .375-ish at today's highs compared to the full point of improvement seen after the last jobs report. The absence of volatility after the initial move was nothing short of refreshing. Rare is the NFP day without any major lead changes or reprices.
Textbook Reaction With Minimal Volatility
| Time | Event | Period | Actual | Forecast | Prior |
|---|---|---|---|---|---|
| Friday, Sep 05 | |||||
| 8:30AM | Aug Participation Rate | Aug | 62.3% | 62.2% | |
| 8:30AM | Aug Average earnings mm (%) | Aug | 0.3% | 0.3% | 0.3% |
| 8:30AM | Aug Unemployment rate mm (%) | Aug | 4.3% | 4.3% | 4.2% |
| 8:30AM | Aug Non Farm Payrolls (k) | Aug | 22K | 75K | 73K |
| Monday, Sep 08 | |||||
| 11:00AM | Aug Consumer Inflation Expectations | Aug | 3.1% | ||
| 3:00PM | Jul Consumer credit (bl) | Jul | $10.1B | $7.37B | |
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