Information Didn’t Injured, However Bonds Underperformed The Oil Price Healing

Information Didn’t Hurt, However Bonds Underperformed The Oil Cost Healing

Tue, May 5 2026, 3:20 PM

Data Didn’t Injured, However Bonds Underperformed The Oil Cost Healing

Today’s headline is somewhat deceptive. It explains the fact that oil rates made it back to the other day’s lows whereas bond yields didn’t even come close. This is all true, assuming we’re taking a look at front month oil rates. However if we utilize a longer-term futures contract for oil, the connection with bonds was actually closer to 1:1. In any case, the bond rally only loosened up a portion of the other day’s losses which’s specifically true for MBS (5.0 vouchers lost half a point yesterday, but restored less than a quarter point today). Econ information didn’t harmed, but it didn’t precisely help either. ISM and Task Openings were both very near to consensus.

• • Trade Space (Mar)
    • -60.30 B vs $-60.9 B f’cast, $-57.3 B prev
  • S&P Global Services PMI (Apr)
    • 51.0 vs 51.3 f’cast, 49.8 prev
  • ISM Biz Activity (Apr)
    • 55.9 vs– f’cast, 53.9 prev
  • ISM N-Mfg PMI (Apr)
    • 53.6 vs 53.7 f’cast, 54.0 prev
  • ISM Providers Employment (Apr)
    • 48.0 vs– f’cast, 45.2 prev
  • ISM Provider New Orders (Apr)
    • 53.5 vs– f’cast, 60.6 prev
  • ISM Solutions Prices (Apr)
    • 70.7 vs– f’cast, 70.7 prev
  • New Home Sales (Mar)
    • 682K vs 0.65 M f’cast, 587K prev
  • USA JOLTS Task Openings (Mar)
    • 6.866 M vs 6.84 M f’cast, 6.882 M prev

09:04 AM

Modestly more powerful over night with bonds following oil prices. 10yr down 1.5 bps at 4.422 and MBS up an eighth.

10:08 AM

A little stronger after 10am data. MBS up 5 ticks (.16) and 10yr down 2.7 bps at 4.41

12:14 PM

best levels of the day. 10yr down 3.2 bps at 4.406 and MBS up a quarter point.

02:42 PM

Off finest levels. MBS up 5 ticks (.16) and 10yr down 2bps at 4.419

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