Today’s jobs report is/was the only big-ticket calendar event and the most obvious source of bond market inspiration. That’s doubly true considering the even earlier-than-normal early close (12pm ET) for Good Friday. Payrolls were hot at 178k vs -133k previously.  The big swing is the first hint that payrolls should be taken with a grain of salt. Large swings were expected, to some extent, due to large strikes and the end of those strikes. Weird weather played a role to a lesser extent. Strikes aside, the market has shifted its jobs report focus more toward the unemployment rate over the past year or two due to rapid changes in the number of new payrolls required to sustain a flat unemployment rate. On that note, unemployment was decent, but not stellar (0.01% drop offset by a similar 0.01% drop in labor force participation). 10yr yields are 3-4bps higher as a result, which feels about right.
A caveat to all of the above: it’s a veritable ghost town in the bond market today.  Good Friday is normally a full holiday. Overseas TSYs were closed overnight. Many key players in MBS and TSYs are closed for the day. Volume is pitifully low.  We wouldn’t read anything into any bond market movement today unless an obviously huge war-related announcement comes out later. Even then, there are only 3 hours left to trade.

Which parties are responsible for the surge persisted as a source of debate as community lenders released updated survey data reflecting their average expense.

HECM endorsements rose 16% in March to 2,117 loans, but monthly volumes remain near their slowest pace since last summer as proprietary reverse products quietly steal market share.

The latest generation of anti-money-laundering software uses agentic AI to help alleviate AML alert fatigue. Experts say this use of the technology is promising, though they offer some caveats.

A court and jury found a father-son executive team liable for wage violations, and a federal judge recently increased the amount of damages for plaintiffs.

The 30-year fixed rate climbed to 6.46% this week, its highest mark since September, as mortgage applications fell 10.4% and sellers outnumber buyers by a record 46%.

Bonds Recover on Oil Price Hopes

Bonds were weaker to start the day with oil prices moving sharply higher after last night’s Trump speech. But a few hours into the trading session, the move was completely erased and reversed after some fairly simple headlines regarding Iran/Oman working on a resolution to open the Strait of Hormuz. Trump’s speech and the Iran/Oman news may as well have been the only two things that happened today because those were the only moments with any serious market movement. The jobs report is on deck for tomorrow’s holiday-shortened trading session.

Econ Data / Events

Challenger layoffs (Mar)

60.62K vs — f’cast, 48.307K prev

Continued Claims (Mar)/21

1,841K vs 1840K f’cast, 1819K prev

Jobless Claims (Mar)/28

202K vs 212K f’cast, 210K prev

Market Movement Recap

08:38 AM Weaker overnight after Trump speech and flat-ish since then.  10yr up 3.3bps at 4.35 and MBS down 7 ticks (.22).

10:28 AM Stronger after 9:30am NYSE open. MBS back to unchanged and 10yr down 1.6bps at 4.302

10:41 AM Additional gains after headline on Hormuz reopening headlines.  MBS up 3 ticks (.09) and 10yr down 2.4bps at 4.295

02:40 PM Super flat all afternoon.  MBS up 3 ticks (.09) and 10yr down 1bp at 4.309

The Department of Justice is seeking court approval to immediately fire more than 600 employees, slashing the CFPB’s workforce by 53%.

Nearly 18 million homeowners in the 100 largest U.S. metros paid HOA or condo fees in 2024, with 2.6 million paying $500 or more monthly, according to a new LendingTree report.

Calyx Path’s integration with Friday Harbor clears paperwork for underwriters, while Dark Matter’s Ask Aiva quick verifiable answers to LO questions.