Wednesday had the potential to cause bigger volatility for rates due to the confluence of several important economic reports. If that data had been lopsided in one direction or the other, rates likely would have moved more. As it happened, the data was mixed. The net effect was an exceedingly modest drop in the average 30yr fixed rate. Despite the tiny move, this brings MND's 30yr fixed rate index back in line with the 2-month lows seen on several recent occasions. Bottom line: today ended up being uneventful in an inoffensive way. From here, Friday's jobs report represents the same sort of potential for a volatile reaction.
Not Quite The Rally You’d Expect, But a Rally Nonetheless
Not Quite The Rally You’d Expect, But a Rally Nonetheless
Today’s vitals might be a bit confusing at first glance. Payrolls came in at -23k versus forecasts of 80k. At most moments in history, that would be wor…