Bonds rallied steadily overnight with more of the gains aligning with a data-driven bond rally in Europe. The overnight move brought 10yr yields roughly 2bps lower from yesterday's close. Another 2bps of improvement followed this morning's ADP employment data. ADP's job count wasn't particularly far below forecasts (41k vs 47k), but the previous month wasn't revised much higher (-29k vs -32k initially). At 10am ET, we'll get Job Openings and ISM Non-Manufacturing--a combo that is arguably heavier hitting than ADP, if the results are not right in line with forecasts.
Hedging, PPE, Commercial, ATM Products; Trump vs. Institutional SFH Buyers; Prepayment Numbers
“Warning: don’t use your pet’s name for your password. We were hacked, and had to change our dog’s name.” “Experts” are saying that passwords will be on the way out in 2026 as passkeys take over. Good, as I am tired of carrying around a notebook with m…