Industry News
Mortgage Industry News
ADP Prints Inline with Expectations
05/05/2010
ADP printed inline with expectations, +32K, with a sizable upward revision to the previous month; consensus for Nonfarm Payrolls on Friday is +189K. ECB council member Weber said the financial crisis in Greece is threatening "grave contagion effects" for the euro area; Germany's parliament still must approve their share, 22.4B euros, of the 110B aid package despite public opposition. Right now, the futures market is pricing in a 76% chance that the Fed keeps rates at .25% through September 21st, 2010. Currently, the Ten Year yield is at 3.560% (3.65% yesterday) and the 2-10 yield spread is at 264bps, flattening 5bps since yesterday morning.
