Good Morning on this fantastic Wednesday,
Bonds cannot get a break. It is groundhogs day. The ten-year yield is down a bit and mortgage bonds are following suit. We had a huge ADP jobs number, which often does not correlate with the BLS jobs report coming on Friday to a blog near you, but none the less, it is something for traders to use today. I guess we could have the glass half dull view that we are lucky that bonds are holding up as well as they are. The big day is Friday and I don’t know we can call the bottom (high point in yields/rates) until we get the Non-Farm Payroll numbers. Fo sho, keep playing defense.
Please remain safe and healthy, make today great.