Rates Reacted to Jobs Report, But Not Like You'd Expect

Posted To: Mortgage Rate Watch

Once a month, the government releases the Employment Situation, also known as “the jobs report.” No other piece of economic data is as consistently relevant for the bond market and, thus, interest rates. For most of the past year, the normal correlation between jobs and rates was on hold. That makes sense, of course. Initial lockdowns completely obliterated the labor market and we’ve been waiting to see how it would recover and how it would be reshaped ever since. In the past 1-2 months, the bond market has finally shown some willingness to react to economic reports. Notably, last month’s exceptionally strong jobs numbers put obvious upward pressure on rates. Because of that, anticipation was high for this week’s report. Indeed, there was a very big reaction . Economists were expecting the…(read more)

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Rates Reacted to Jobs Report, But Not Like You'd Expect
Rates Reacted to Jobs Report, But Not Like You'd Expect

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