Posted To: MBS CommentaryFrom a calendar standpoint, there were two notable features today. It was the first trading day in September–a month that often sees “something new” happen after bonds trudge through the summer doldrums. It was also notable due to the scheduled economic data, which saw ISM Manufacturing hit the best levels in 14 years. Neither turned out to be bond-friendly! The super-strong econ data is super easy to understand in terms of of “not being bond-friendly.” After all, strong data is a long time nemesis of low rates and ISM is among the few top tier reports after the mighty NFP. As such, it’s no surprise to see rates moving higher after a 14-year high in ISM Manufacturing. But rates were already under pressure before ISM came out. That’s where the plain old calendar…(read more)Forward this article via email: Send a copy of this story to someone you know that may want to read it.