Today's playbook was fairly straightforward with bonds being likely to move in the direction suggested by the jobs report.  The only challenge would have been the presence of mixed messages (i.e. a big beat in the job count paired with a big miss in the unemployment rate).  While there was indeed a beat in the job count, it wasn't... (continue reading)

"Data dependent" is one of the most common phrases heard from the Federal Reserve these days when it comes to rate-setting policy.  And while the Fed doesn't directly dictate mortgage rates , the bond market tends to trade the same data that the Fed cares about. Today's key report, the ISM Services index, isn't quite at the top of the Fed's li... (continue reading)