This morning the government released the February Job Openings and Labor Turnover Survey (JOLTS), a seldom reported, but Janet Yellen-favorite employment report. The JOLTS reported 5.743 million unfilled jobs, up from 5.655 million openings in January, indicating a very tight job market. More Fed-speak yesterday indicated the Fed will begin to unwind its MBS holdings later this year (see chart below). Treasuries are rallying this morning on a flight-to-safety bid (North Korea). Mortgage spreads are wider this morning. The 10-year is yielding 2.32%, 4bps below yesterday’s close.
Federal Reserve Balance Sheet
Source: Thomsen Reuters
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