Industry News
Mortgage Industry News
Ireland Bailout Finalized
11/29/2010
The bailout of Ireland was finalized over the weekend with an aid package of 85B euros ($113B); the term on Greece’s aid package was reset 4.5 years longer to match the 7yr term that Ireland received; there is growing speculation that Spain and Portugal will also need to be bailed out. ADP (Wednesday) and Nonfarm Payrolls (Friday) are due out later this week with expectations of +65K and +145K, respectively. Right now, the futures market is pricing in a 92% chance that the Fed keeps rates between 0% and 0.25% through March 15th, 2011. Currently, the Ten Year yield is at 2.83% (2.87% on Friday) and the 2-10 yield spread is at 231bps, tightening 1bps since Friday morning.
