Calmly Closing at Best Levels Since April

Calmly Closing at Best Levels Since April

As far as post-NFP Mondays go, this was a calm one.  Bonds never strayed too far from ‘unchanged’ and managed to close at just slightly stronger levels. For MBS, this marked the best closing levels since early April, and we’re very close to the best levels since October (a fact reflected in lender rate sheets being the lowest since October). Treasury yields aren’t doing quite as well versus April’s lows (a fact that reflects the lingering impacts of tariffs and fiscal policy on Treasury-specific demand). Actionable econ data was absent, but will return on Tuesday morning with almost all the focus being on ISM Services.