MBS OPEN: Choppy Market After Jobs Data

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August NFP: -216,000. July revised higher to -276k from -247k

Unemployment Rate: 9.7% after 9.4 July reading

Average work week: 33.1 hours vs. 33.1 in July

Average Earnings: +0.3% vs. +0.3% July

 

Headline News Knee Jerk Reaction: stock futures fall. TSY futures rise.

Knee Jerk Reaction to Initial Knee Jerk Reaction: Stock futures bounce higher. TSY futures fall.

 

Here is the MBS market's reaction to the Employment Situation Report...

Its going to be a choppy morning...will update as market stabilizes.

 

MBS, TSY, LIBOR QUOTES