Market Commentary: Traders are very edgy – so edgy that they have agreed to hold a sharply abbreviated trading session on a day that would have otherwise been a holiday -- just so they would not have to stew about the labor sector story over the Easter weekend.
Market participants will be tugged and buffeted by the cross-currents from both the macro-economic data and the geopolitical landscape all week long. Choppy market conditions will likely be reason enough for a significant number of mortgage investors to choose to remain safely on the sidelines until the data/event storm settles a bit more.
Look for mortgage investors to be very hesitant to push mortgage interest rates significantly in one direction or the other until they get a look at the March nonfarm payroll figures.
