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Mortgage Rates Surprisingly Steady Despite Strong Jobs Report

Mortgage Rates Surprisingly Steady Despite Strong Jobs Report

Bond Market Resilience Suggests More Focus on CPI Up until the 3pm CME close, the bond market was having a surprisingly resilient day relative to the market moving data.  When NFP beats forecasts by 100k (today: 303k vs 200k f'cast), we tend to see big losses.  It was no surprise to see losses, but possibly surprising to see bonds almost back to pre-NFP levels 2 hours later.  Even after the 3pm sell-off, MBS are still in line with yesterday morning's levels.  That's better than we'd expect, based on the data and one of the only conclusions is that the market is more anxious to see next week's CPI on Wednesday.
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