• ADP Employment Change Weekly
  • 4.75K vs -- f'cast, -13.5K prev
• CB Leading Index MoM (Sep)
  • -0.3% vs -0.3% f'cast, -0.5% prev
• JOLTs Job Quits (Sep)
  • 3.128M vs -- f'cast, 3.091M prev
• JOLTs Job Quits (Oct)
  • 2.941M vs -- f'cast, -- prev
• USA JOLTS Job Openings (Sep)
  • 7.658M vs 7.2M f'cast, 7.227M prev
• USA JOLTS Job Openings (Oct)
  • 7.670M vs -- f'cast, 7.658M prev

Job openings came in higher than expected and significantly higher than August's levels (the last JOLTS data we received).  This is pushing yields higher and MBS lower.  The damage might be more severe if not for the "quits" component of the data which fell to its cycle lows (good for bonds).

10yr yields were in stronger territory, but are now up almost 2bps on the day at 4.179.  MBS were roughly unchanged, but are now down almost a quarter point.