MBS RECAP: Weakness After Stronger Data Offset by ‘Invasion’ Headlines

It was a tale of two headlines today; one of the scheduled; the other, a surprise. The schedule economic data at 10am showed ISM’s Non-Manufacturing Index higher than expected at the best levels since 2005. While this is something that would have happened on any moderately-sized improvement, it didn’t help bond markets. In addition, Factory Orders data was also stronger than expected. And all of the above followed a moderately weaker overnight session.

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