Rates are improved today as mortgage bonds, despite being in negative territory, are better overall from Thursday’s levels when pricing was set. No apparent reason for this really as we see positive economic indications and the Feds money creation scheme which should push rates up …. keep an eye out. The market is trading thinly again this morning as Asia is still on holiday. Bonds are under pressure as strong manufacturing and construction data was released today, continuing to paint a picture of a recovering economy which continues the narrative of a rising rate environment. The stock markets are continuing to rally with the Dow up over 125-points at the moment.
In the news today… Click on the Market-Headlines Attachment for More Detail
- ISM Index of Manufacturing in U.S. Rose to 57 in December
- Construction Spending in U.S. Rose in November for Third Month
- Mishkin Says Economic Strength Makes QE3 ‘Much Less Likely’
- Bank of America Resolves Fannie, Freddie Loan Putback Dispute and Ponies up with $2bill to cover
Reading Suggestion for Today …The Moon Is a Harsh Mistress, Robert A. Heinlein
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