October 7th, 2016
What Is Going On With Interest Rates? #wigowir
Below is the news when it happened and the market’s reaction. For a full view of the day start at the bottom and work your way up. If want to know what just happened start at the top. All Times are Eastern Standard Time. When the price of Mortgage Backed Securities (MBS) goes down rates go up, and when the price goes up rates come down.
2:44 PM - MBS trade in a tight range, near unchanged, with little movement as many players have headed out to get a jump on the long weekend. The Dow turns slightly positive.
2:15 PM - Stocks cut most of their losses.
11:46 AM - Dow -116 points after the jobs data.
10:51 AM - The Fed Vice Chair Fischer says today's Jobs Report was a "Goldilocks" number.
10:21 AM - The capital markets are closed on Monday in observance of Columbus Day. The Vantage Production offices will also be closed.
9:36 AM - Stocks modestly lower soon after the open.
9:14 AM - MBS up 12 basis points $103.59
9:01 AM - S&P futures now slightly higher after the jobs data.
Fed's Mester (voter) says it makes sense to raise rates by a 1/4.
Fed's Mester says September Jobs Report solid.
MBS trade in a tight range, near unchanged, with little movement as many players have headed out to get a jump on the long weekend. The Dow turns slightly positive
8:30 AM - September Employment Report
Estimate Actual Aug
Average Work Week 34.4 34.4 34.3
Non-Farm Payrolls 171K 156K 151K
Unemployment Rate 4.9% 5.0% 4.9%
Hourly Earnings 0.2% 0.2% 0.1%
8:10 AM - The 10-yr T Note yield 1.74% ahead of the data.
WTI oil $50.38/barrel, near unchanged.
S&P futures modestly lower ahead of the 8:30 a.m. ET release of the jobs data.
June, July and August saw per month average job growth of 232K for Non-farm Payrolls. U.S. dollar index 96.99, +0.22.
MBS look to open near unchanged ahead of the September Jobs Report where it is expected that employers added 176K new workers