Holiday Week Volatility With Zero Consequence

Holiday Week Volatility With Zero Consequence Although there was a brief negative reaction to this morning's economic data, the impact was minimal. Random holiday-week volatility accounted for bigger swings, but those swings ultimately canceled each other out. By the 3pm close, bonds were close enough to unchanged levels. That makes today truly forgettable in the bigger picture. Trading doesn't get real/serious again until December.  NOTE: Friday is technically open until 2pm ET, but as is our custom, we will only publish commentary on an "as-needed" basis (i.e. if the movement is minimal, you won't hear from us until Monday). Econ Data / Events Durable goods (Sep) 0.5% vs 0.3% f'cast, 2.9% prev Jobless Claims (Nov)/22 216K vs 225K f'cast, 220K prev Continued Claims (Nov)/15 1,960K vs -- f'cast, 1974K prev Market Movement Recap 09:05 AM modestly weaker after data. MBS down 3 ticks (.09) and 10yr up 2.2bps at 4.018 12:23 PM Volatility centered on 10am ET, but now back near best levels.  MBS unchanged and 10yr up only 0.6bps at 4.002 02:44 PM Approaching 3pm CME close with 10yr yields nearly unchanged at 3.999 and MBS down 1 tick (.03).