Although there was some cause for concern in the overnight trading session due to an OPEC-driven oil price spike, bonds fought back during the domestic session. A resoundingly downbeat ISM Manufacturing report was the one and only big, obvious market mover (10am ET), posting recessionary figures at the headline level as well as the relevant sub-headings. Bonds quickly turned positive on the day after that and held calmly in a sideways range through the 3pm CME close.
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- ISM Manufacturing Index
- 46.3 vs 47.5 f'cast, 47.7 prev
- ISM Prices
- 49.2 vs 51.3 prev
- ISM New Orders
- 44.3 vs 47.0 prev
- ISM Jobs
- 46.9 vs 49.1 prev
- ISM Manufacturing Index
Flat to slightly stronger after initial overnight weakness. 10yr still up 3bps at 3.5%. MBS down just over an eighth of a point.
Much stronger after ISM data. MBS up a quarter point. 10yr down 4.5bps at 3.425.
Sideways to slightly stronger all afternoon. Up 6 ticks (.19) in 5.0 coupons and down 4.5bps at 3.426 in 10yr yields.
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