At Least It Didn't Get Much Worse After The Initial Rout

At Least It Didn't Get Much Worse After The Initial Rout If you had to find something reassuring to say about the bond market today, it would be that there wasn't much selling after 9am ET. Unfortunately, there was a whole lot of selling in the prior 30 minutes. Try as they might, analysts couldn't find any obvious holes in the strong picture painted by the jobs report. Stocks got completely destroyed as well--evidence of the jump in Fed rate hike expectations adding to a tech correction that was already underway. An Iran war peace deal remains the biggest market moving prospect on the horizon, but traders will be a bit more interested in labor market data going forward. Econ Data / Events Non Farm Payrolls (May) 172K vs 85K f'cast, 115K prev Participation Rate (May) 61.8% vs -- f'cast, 61.8% prev Unemployment rate mm (May) 4.3% vs 4.3% f'cast, 4.3% prev Market Movement Recap 08:38 AM Big selling after jobs report. MBS down 3/8ths and 10yr up 5.7bps at 4.533 10:46 AM MBS down 18 ticks (.56) and 10yr up 6.5bps at 4.541 04:27 PM MBS down just over half a point and 10yr up 6.2bps at 4.539