Not Reading Excessive Into Late Day Reversal Thu
, Jul 2 2026, 2:17 PM
Not Reading Excessive Into Late Day Reversal
Bonds rallied quickly in response to this morning’s jobs report and pushed to even more powerful levels by mid-day. That’s the point in the day that most traders (the ones in fact working) consider bonds to be “closed.” You’re complimentary to do the same and count today as a win. However in the noon-2pm hour, a good piece of the AM gains were removed. We would not read too much into those and instead see them as an aspect of pre-holiday-weekend illiquidity and/or position squaring. This doesn’t imply directionality in the future. It just indicates we have to await next week to get a clean keep reading market sentiment.
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- Average revenues mm (Jun)
- 0.3% vs 0.3% f’cast, 0.3% prev
- Continued Claims (Jun)/ 20
- 1,814 K vs 1810K f’cast, 1821K prev
- Jobless Claims (Jun)/ 27
- 215K vs 220K f’cast, 215K prev
- Non Farm Payrolls (Jun)
- 57K vs 110K f’cast, 172K prev
- Participation Rate (Jun)
- 61.5% vs– f’cast, 61.8% prev
- Joblessness rate mm (Jun)
- 4.2% vs 4.3% f’cast, 4.3% prev
- Average revenues mm (Jun)
08:25 AM
Weaker overnight with 10yr up 2bps at 4.502 and MBS down an eighth.
08:31 AM
Moving back into positive area after jobs report. MB now the same and 10yr down 1bp at 4.47
12:16 PM
MBS up 5 ticks (.16) and 10yr down 1.2 bps at 4.469
01:48 PM
weakest post-data levels with 10yr up 1bp at 4.49 and MBS now unchanged.
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