Industry News
Mortgage Industry News
Jobless Claims Better Than Expected
09/10/2009
Both Initial and Continuing Jobless Claims printed better than expectations, with mild upward revisions to the previous week; the trade deficit widened by 16%, the most since 1999, due to auto demand caused by the “Cash for Clunkers” program. After yesterday’s strong 10yr note auction, there is a $12B 30yr bond auction today. Right now, the futures market is pricing in a 96% chance that the Fed keeps rates somewhere between 0% and .25% through December 16th, 2009. Currently, the Ten Year yield is at 3.417% (3.50% yesterday) and the 2-10 yield spread is at 254bps, flattening 1bp since yesterday morning.
