Stronger over the holiday, exclusively in response to ADP weekly jobs numbers. MBS up 10 ticks (.31) and 10yr down 4.4bps at 4.077
Still generally flat, but at best levels of the day. MBS up 11 ticks (.34) and 10yr down 6.3bps at 4.059
Slightly weak 10yr auction and a bit of selling after the fact. 10yr still down 5.9bps at 4.064. MBS up 10 ticks (.31).
Still sideways. MBS up 11 ticks (.34) and 10yr down 5.4bps at 4.068
ADP has been in the monthly data game for a long time when it comes to payroll counts, but their weekly report is the new kid on the econ data block. The public has only had access for a few weeks and traders have wasted no time incorporating it into the inner circle of influential market movers. Perhaps this dynamic will fade after the government shutdown ends, but for now, it's big business (as evidenced by the market reaction in TSY futures during the Tuesday holiday). All of the gains on the screen this morning came courtesy of that data and bonds have been broadly flat since then.