Crypto carnage sparks broader selloff and mortgage rate rally 🚨📉😱
Flash Market Update
Mortgage bonds recovered most of the recent losses today as the carnage in crypto markets helped fuel a risk-off move, also assisted by soft labor market data.
As mentioned in Sunday’s Week Ahead and Tuesday’s Rate Snapshot, investors are looking to ancillary data for hints about labor market health with the rescheduling of the Non-Farm Payroll until next week.
Previously scheduled JOLTS was released today, along with Jobless Claims and Challenger Layoffs.
The weaker than expected data gave a boost to the already “risk off” trend that has been unfolding in markets.
Bad news has once again become good news for bonds, which means lower mortgage rate PRICES.
Speaking of bad news, the crash in crypto continues with Bitcoin down nearly 50% since the all-time high in October.
Silver is also in crash mode, down nearly 42% from its all-time high, most of that loss has come in just in the last 5 days.
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