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Bond markets trade flat as investors await ISM Services and jobs
Investors are watching ISM Services for an early catalyst before Friday's jobs report, while oil prices and yields show only minimal movement so far.
Bond markets were largely steady overnight, with no clear sign of either a more substantive diplomatic development related to the Hormuz area or a renewed diplomatic breakdown, Mortgage News Daily said.
The lack of meaningful price swings in bonds, combined with only slight oil strength after initial gains, pointed to sideways trading ahead of key data.
Mortgage News Daily noted that ISM Services is scheduled for 10:00 a.m. ET and could still move markets if it meaningfully diverges from expectations, with the employment component viewed as a useful data point ahead of Friday's major jobs report.
In the bigger picture, yields have returned to a longer term trend channel, but the outlet said it would be more reassuring to see yields test the lower boundary, which has not been favorable since the July re escalation of the war.