No Joke Today!

We just got crushed.  475k new jobs into the economy in March.  We just broke major support at 1.97 and are sitting at 2.05. Prices will probably open up about 150 bps worse as TBAs trading wider to treasuries. This is a worst case scenario really.  Yellen just came out and said April is back on the table.  April Fools.  : )~  Number was a slight beat. There is a component I don’t love though.  Wages a little hotter, hours down a touch. To me that means that for the first time in a while we actually may have created a few “real” jobs.  That said, 1.65-1.99 should be well intact until Fed day.  Rates slightly worse day over day and I’d imagine the race down in yields will hit a little hiccup here.  

Nothing too crazy though. Great month Primers.  Let’s kill Q2!

 

Philip N. Mancuso, Chief Investment Officer

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