Posted To:

Stronger than expected employment data, via weekly Jobless Claims printing 348k versus a 365k consensus, combined with a poorly received 30yr TIPS auction, Greek/ECB bond swap news, and possible positioning ahead of a 3-day weekend with significant news waiting on the other end, sent 10yr yields higher and MBS prices lower at their quickest pace of the week on Thursday. Volume was also as high as it's been since NFP day, edging out 2/9 just slightly. Bond Markets weakened at a leisurely pace in the morning when compared to the jolts from the bond swap news and TIPS Auction. MBS had settled into a range that it likely would have been content to hold barring those latter events--sitting on a supportive pivot at 103-18. But as it happened, the news that the ECB would swap out their Greek holdings...()