MBS Day Ahead: Yes, NFP Could Indeed "Matter," But Let's Hope it Doesn't

Posted To: MBS Commentary

Perhaps as long ago as April 2014, when the first major talk of the European Central Bank's impending QE plan began circulating, domestic economic data has been steadily falling out of favor . It wasn't that data ever became wholly unimportant. Indeed, a major deviation from the forecast in a major report has always been grounds for a token response from financial markets. It's just that markets had moved on to trade more important things. What could have been more important than the state of the US economy? How about the state of the global economy, financial system, geopolitical stability, and the prospect of a long-term decay in growth and productivity ending with a Japan-like fate for advanced economies? That's pretty much what markets have been trading since then. It will...(read more)

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