No Whammies in Wednesday’s Data. JOLTS Rescheduled for Thursday

With the big jobs report on hold until next Wednesday, this morning’s ADP/ISM duo had to do most of the week’s heavy lifting in terms of important econ data. The response was underwhelming, at best. ADP was a complete non-event, but also fairly close to consensus. ISM was mixed and generally helped bonds hold their ground with yields moving down from highs at 10am. The day’s range remained inside yesterday’s and there were minimal losses by the 3pm close. The JOLTS data that was scheduled for Tuesday will now be coming out on Thursday morning.

Econ Data / Events

ADP Employment

22k vs 48k f’cast, 41k prev

ISM Biz Activity (Jan)

57.4 vs 56.0 prev

ISM N-Mfg PMI (Jan)

53.8 vs 53.5 f’cast, 54.4 prev

ISM Services Employment (Jan)

50.3 vs 52.3 f’cast, 52.0 prev

ISM Services New Orders (Jan)

53.1 vs  57.9 prev

ISM Services Prices (Jan)

66.6 vs  64.3 prev

Market Movement Recap

08:24 AM No major reaction to ADP data.  MBS down 2 ticks (.06) and 10yr up 0.7bps at 4.27

10:03 AM Weaker ISM Services and a slight rally in bonds.  10yr was 4.29, but now down to 4.272.  MBS are 2 ticks (.06) off the lows, but still down 2 ticks on the day.

02:53 PM MBS down 3 ticks (.09) and 10yr up 1.3bps at 4.276