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NFP Beats, But Not Big; Indecisive Reaction So Far

235k vs 190k forecast, but that's nothing like ADP suggested.

Wages were only up 0.2 vs 0.3 forecast, but the previous month was revised to +0.2 from +0.1.  Unemployment was as-expected and private payrolls were +227k vs 193k forecast

10yr yields are a moving target right now, but trending around 1-1.5bps lower at 2.596-2.60.  Fannie 3.5s are up an eight of a point at 101-01.

MBS / Treasury Market Data

UMBS 5.5
99.11
+0.39
UMBS 6.0
100.61
+0.22
UMBS 6.5
101.99
+0.18
2 YR
4.6035
-0.1128
10 YR
4.2818
-0.0784
Pricing as of: 7/5 5:59PM EST
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