Nothing Else Happened After Initial Selling
The typical early close for the bond market is 2pm ET. This is usually reserved for a holiday-adjacent day such as Christmas Eve or the day after Thanksgiving. Good Friday is unique. On years where it DOES NOT coincide with a jobs report, it's fully closed. Otherwise, it's open for a partial day, but only until noon ET instead of 2pm. That didn't leave much time for anything else to happen this morning after the initial bout of moderate selling pressure. It also discouraged trading volume in general--especially in light of other markets being fully closed.
Econ Data / Events
Average earnings mm (Mar)
0.2% vs 0.3% f'cast, 0.4% prev
Non Farm Payrolls (Mar)
178K vs 60K f'cast, -92K prev
Participation Rate (Mar)
61.9% vs -- f'cast, 62% prev
Unemployment rate mm (Mar)
4.3% vs 4.4% f'cast, 4.4% prev
Market Movement Recap
09:02 AM Weaker after jobs report. MBS down 10 ticks (.31) and 10yr up 4.2bps at 4.349
12:31 PM bonds closed now. Pretty flat all day after initial selling. MBS down a quarter point. and 10yr up 3.4bps at 4.341
How Technical Do You Want to Be?
How Technical Do You Want to Be?
There are always multiple technical lenses through which to view market movement, but the simplest involve trendlines and level lines. Yield movement has largely held inside the…