Industry News
Mortgage Industry News
European Debt Crisis Fears Subsiding
06/03/2010
ADP printed below expectations, +55K; consensus for Nonfarm Payrolls tomorrow is +515K. For the time being, fears over the European debt crisis have subsided and equities are continuing their strong rally from yesterday; bonds are down. Right now, the futures market is pricing in a 73% chance that the Fed keeps rates at .25% through September 21st, 2010. Currently, the Ten Year yield is at 3.360% (3.26% yesterday) and the 2-10 yield spread is at 255bps, steepening 5bps since yesterday morning.
